Nigeria spends N952bn on petrol imports despite rising domestic refining

Nigeria spent N952.15bn on imported Premium Motor Spirit (PMS) in the second quarter of 2026, despite increased domestic refining capacity, The PUNCH reports.

Analysis of National Bureau of Statistics data showed petrol imports surged by 989.4 per cent from N87.40bn in Q1 to N952.15bn in Q2. However, the figure represented a 66.4 per cent decline from the N2.83tn recorded in Q2 2025.

The development comes amid a dispute between the Dangote Petroleum Refinery and fuel marketers over continued petrol imports. Dangote reportedly said imported PMS accounted for 43 per cent of market supply in July, forcing it to export excess stocks despite sufficient domestic production capacity.