Nigeria’s petrol import bill dropped by 42% to N8.9trn in 2025

BusinessDay’s analysis of the quarterly Foreign trade report for year 2025 as published by NBS, showed that Nigeria spent N1.76 trillion on petrol import in the first quarter, N2.38 trillion in second quarter, N1.29 trillion in third quarter and N3.54 trillion in fourth quarter of 2025.

The major trading partners for petrol import in the period include: Netherlands, United States, Belgium, Brazil, and Togo.

This is despite the presence of local refineries in-country like Dangote refinery which have capacity to process 650,000 barrels per day (bpd) of crude oil.

BusinessDay’s check on actual volume of petrol consumed in the period, as contained in Nigerian Midstream and Downstream Petroleum Regulatory Authority report showed that the total petrol consumed in 2025 was 18.97 billion litres.

Of this total consumption, 11.85 billion litres, representing 62.47 percent were imported while only 7.54 billion litres were locally sourced.

Further analysis of the overall foreign trade data in the fourth quarter indicated that Nigeria recorded a positive trade balance of N1.71 trillion during the period.

The total merchandise trade stood at N36.21 trillion, representing a 1.07 percent decline from the N36.60 trillion recorded in the corresponding period of 2024; and a decrease of 8.94 percent compared to N39.77 trillion recorded in the preceding quarter.

In the quarter under review, exports accounted for 52.36 percent of total trade with a value of N18.96 trillion, representing a 16.88 percent decrease from N22.8 trillion recorded in Q3, 2025. It is also a decrease of 5.25 percent over N20 trillion recorded in the corresponding quarter of 2024.

BusinessDay’s analysis of the report shows that crude oil remained Nigeria’s major exported commodity in the period, with a value of N9.702 trillion, representing 51.17 percent of total exports.

A further breakdown reveals that the value of non-crude oil exports stood at N9.26 trillion, accounting for 48.83 percent of total exports; of which non-oil products contributed N3.14 trillion or 16.59 percent of total exports.

Exports by section revealed that Nigeria exported mainly ‘mineral products’ valued at N16.02 trillion, or 84.50 percent of the total export value. This was followed by exports of ‘prepared foodstuffs; beverages, spirits and vinegar; tobacco’ valued at N1.02 trillion and ‘products of the chemical and allied industries’ worth N1.025 trillion or 5.41 percent of the value of total exports.

“Exports by region show that Nigeria exported goods mainly to Europe with goods valued at N6,872.19 billion or 36.24 percent of total exports, followed by exports to Asia valued at N5,108.41 billion or 26.94 percent of total exports.

“Exports to Africa stood at N3,414.70 billion or 18.01 percent of the total exports; out of which, goods exported to ECOWAS countries were valued at N1,806.09 billion or 52.89 percent of the total exports

to Africa. While exports to America were valued at N3,289.27 billion, representing 17.35 percent of total exports,” the report stated.

Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was the Netherlands with total export value of N2.03 trillion or 10.72 percent of total exports, followed by exports to India which was valued at N1.82 trillion or 9.64 percent of total exports.

Spain followed with N1.711 trillion or 9.02 percent of total export, France with N1.363 trillion or 7.19 percent of total exports, and exports to Canada was valued at N1.027 trillion representing 5.42 percent of total exports.

These five countries collectively accounted for 41.99 percent of the value of total exports in Q4, 2025.

The report also showed that the value of exports to African countries stood at N3.41 trillion, while imports amounted to N696.13 billion.

Nigeria’s exports to Africa were mainly to South Africa with N629.37 billion, Ivory Coast with goods valued at N597.38 billion, Togo with N579.34 billion, Ghana with N391.78 billion, and Egypt with N285.57 billion, altogether representing 72.73 percent of exports to Africa.

Analysis by commodities showed that the main commodities exported to African

countries in the quarter under review were ‘Petroleum oils and oils obtained from

bituminous minerals, crude’ valued at N1.706 trillion and accounting for 49.98 peecent of total exports to Africa.

This was followed by Gas oil’ with N678.98 billion, ‘Kerosine type jet fuel’ at 489.53 billion, ‘Motor spirit, ordinary’ N161.70 billion and ‘Electrical energy’ valued at N89.71 billion.

On the other hand, Nigeria imported goods mainly from China, valued at N5.385 trillion, representing 31.22 percent of total imports. This was followed by imports from The United States of America with N1.610 trillion representing 9.34 percent of total imports, The Netherlands with imports valued at N1.518 trillion or 8.80 percent of total imports, India with goods valued at N1.11 trillion and goods from Brazil valued at N685.69 billion or 3.97 percent of total imports.

Also, imports from African countries stood at N696.13 billion or 4.04 percent of total

imports; of which imports from ECOWAS countries amounted to N279.83 billion or 40.20 percent of imports from African countries.

Nigeria’s major import partners within Africa in Q4 2025 were from Ghana with imports valued at N150.96 billion, South Africa with goods valued at N131.32 billion, Egypt with N130.34 billion, Togo with N88.91 billion, and Swaziland with N37.19 billion.

Nigeria’s imports from African countries in Q4 2025 were mainly ‘Petroleum oils and oils obtained from bituminous minerals, crude’ worth N92.67 billion, ‘Motor Spirit Ordinary’ valued at N84.69 billion, Cocoa powder, containing added sugar or other sweetening matter’ amounting to N41.33 billion, ‘Salt for human consumption (bulk>ship load)’ valued at N36.81 billion, and ‘Whole hides and skins, of a weight exceeding 16 kg’ with N25.55 billion. (BusinessDay)