- Nigeria imported 6.38 billion litres of fuel in five months, costing over N6 trillion and straining forex reserves.
- Independent marketers urge a focus on local refining, citing improved domestic capacity at refineries like Dangote and Port Harcourt.
- Major marketers argue that fuel importation boosts competition, helping to keep prices low at the pump.
Nigeria’s oil marketers imported 6.38 billion litres of petrol (PMS) and diesel (AGO) in five months, spending over N6 trillion. This action significantly strained the nation’s foreign exchange reserves.
Independent marketers and retailers, represented by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), strongly opposed the continued importation. They urged the government to prioritise local production.
An advertorial in The PUNCH outlined how marketers brought in 5.01 billion litres of petrol and 1.37 billion litres of diesel between October 2024 and February 2025. Lagos ports, including Apapa and Tin Can, received 3.86 billion litres, the highest quantity. Port Harcourt handled 5.63 billion litres, while Calabar and Warri received 1.39 billion litres and 389.52 million litres, respectively.
According to the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), despite these imports, Nigeria’s refining capacity of 985,000 barrels per day could meet the daily demand of 50 million litres.
In November 2024, the Port Harcourt refinery resumed operations, producing 210,000 barrels daily after rehabilitation. Shortly after, the Warri refinery restarted. Earlier in 2024, the 650,000 barrels per day Dangote Refinery began operations.
Marketers imported fuel to meet domestic shortfalls. Importers spent N4.51 trillion on petrol and N1.51 trillion on diesel, with prices averaging N900 per litre for gasoline and N1,100 per litre for diesel. Companies like BOVAS, Eternal Oil, Matrix Energy, and Rainoil participated in the imports.
In 2025, NNPC Group CEO Mele Kyari confirmed that NNPC no longer imported fuel, relying solely on domestic production.
Marketers Push for an End to Importation
IPMAN and PETROAN called for a halt to fuel importation, insisting on supporting local refineries. PETROAN President Billy Gillis-Harry urged stakeholders to focus on local content and stop importing fuel. He questioned whether importers could have accessed foreign exchange from the Central Bank of Nigeria (CBN) for these transactions.
“We need to focus on local refining and stop fuel importation,” Gillis-Harry asserted.
IPMAN spokesperson Chinedu Ukadike supported this stance, stating that independent marketers now source fuel locally to promote domestic investments and create jobs.
“The focus should shift to refineries like Dangote and NNPC, not imports,” Ukadike emphasised.
However, the Major Oil Marketers Association of Nigeria (MOMAN) believes fuel importation promotes competition and helps reduce pump prices. MOMAN Executive Secretary Clement Isong explained, “Importation keeps prices competitive in the market.”
As Nigeria expands its refining capacity, marketers remain divided over fuel importation. While some push for imports to cover shortfalls, others advocate for local production to strengthen the economy and reduce dependence on foreign exchange.