Nigeria spends ₦3 trillion on petrol imports in 42 days despite local refining efforts
JUST IN: Nigeria 🇳🇬 spent N3,000,000,000,000
Trillion to import petrol in 42 days, despite local refining by Dangote pic.twitter.com/h00ZD9G61s— Nigeria Stories (@NigeriaStories) November 17, 2024
Despite the commencement of petrol production by the Dangote Refinery in September 2024, Nigeria’s expenditure on petrol imports remains substantial. Between September and October 2024, the country imported over 2 billion litres of petrol, incurring costs nearing ₦3 trillion.
The Dangote Refinery, with a capacity of 650,000 barrels per day, began producing petrol in September 2024, aiming to reduce Nigeria’s dependence on imported fuel.
However, the refinery has not yet reached full operational capacity, leading to continued reliance on imports to meet domestic demand.
The Nigerian National Petroleum Company Limited (NNPCL) and independent oil marketers have been responsible for these imports, highlighting the ongoing challenges in achieving self-sufficiency in petrol production.
The significant import expenditure underscores the need for Nigeria to enhance its local refining capabilities. Achieving full operational status at the Dangote Refinery and other local facilities is crucial to reducing import dependency and stabilizing the nation’s fuel supply.
