Nigeria’s Petrol Import Bill Rose Almost Tenfold in a Single Quarter
NIGERIA · MARKETS
Key Facts
—The jump: Petrol imports jumped to N952.15bn (about US$720.7m) in Q2, from N87.40bn (about US$66.2m) in Q1, a 989.4% rise.
—Share of the bill: Total imports came to N14.42trn (about US$10.91bn), so refined petrol absorbed close to one naira in every fifteen spent abroad.
—The surplus: Nigeria’s trade surplus widened to N12.59trn (about US$9.53bn) as exports reached N27.02trn (about US$20.45bn).
—What is being sold: Crude oil accounted for N12.914trn (about US$9.77bn) of exports, or 47.79% of the total.
—The pace: Exports rose 27.64% quarter on quarter against a 5.91% rise in imports.
—Total trade: Two-way trade in goods reached N41.44trn (about US$31.36bn), with China the largest source of imports.
Nigeria petrol imports cost N952.15bn (about US$720.7m) in the second quarter of 2026, up 989.4% on the first quarter, according to national trade statistics released this week. The country still ran a record trade surplus, because exports grew faster than imports.
Why the Nigeria petrol imports figure matters so much
Fuel imports have been the pressure point in Nigeria’s balance of payments for a generation. Every litre bought abroad is dollars leaving a country that needs them for everything else.
That is why the arithmetic in the second quarter is arresting. The bill did not merely rise, it went from N87.40bn (about US$66.2m) to N952.15bn (about US$720.7m) in three months.
Against total imports of N14.42trn (about US$10.91bn), refined petrol took close to one naira in every fifteen. In the previous quarter it had been a rounding error.
The numbers sit awkwardly beside the refinery story
Nigeria has spent two years being told that domestic refining would end the import habit. Earlier official figures showed the petrol import bill collapsing as the Dangote plant ramped up.
The second-quarter data do not overturn that trend so much as interrupt it. A single quarter can swing on refinery maintenance, cargo timing and the naira value of the same volume.
The statistics office publishes the value of trade, not the volume of fuel burned. Readers should be careful about turning one quarter’s naira figure into a verdict on refining capacity.
The surplus is the other half of the picture
Nigeria still ran a trade surplus of N12.59trn (about US$9.53bn) in the quarter. Exports of N27.02trn (about US$20.45bn) grew 27.64% while imports grew 5.91%.
Crude oil supplied N12.914trn (about US$9.77bn) of that, or 47.79% of everything sold abroad. The rest came from raw materials and, increasingly, refined petroleum shipped out of the country.
That is the strange shape of Nigerian trade in 2026. The country is exporting refined product and importing it in the same quarter.
What it says about the naira
A large surplus is usually good news for a currency, and Nigeria’s external reserves have been rebuilding. The composition of the surplus matters as much as its size.
Oil at 47.79% of exports means the surplus is a price story as much as a productivity one. A softer crude market would narrow it quickly.
China remains the supplier of record
China was again the largest single source of Nigerian imports in the quarter, according to the statistics office. That has been true for several years and is not changing.
It gives Beijing a standing commercial position in the largest consumer market in West Africa, independent of any lending relationship.
How to read a quarterly trade release
The statistics office reports values in naira, at the exchange rates prevailing when goods cleared. A weaker average rate lifts every import line even when the physical volume is unchanged.
It also reports on a quarterly basis, which is short enough for a single large cargo to distort a category. Petrol is exactly the kind of item that arrives in lumps.
None of that makes the figure wrong. It makes a single quarter a poor basis for declaring a policy either vindicated or failed.
What the export side is really telling us
Refined petroleum has become a Nigerian export line for the first time in the country’s modern history. That is the lasting change, and it is visible in the same release that shows the import spike.
A country can export and import the same commodity when grades, contracts and logistics differ. Nigeria is now doing both at scale.
The measure that will settle the argument is the annual net position on refined products. One quarter cannot.
The reserves question sits underneath
Nigeria’s external reserves have been rebuilding through 2026 and the naira has recovered from its lows. A quarter with a N12.59trn (about US$9.53bn) surplus supports that story.
The vulnerability is concentration. With crude at 47.79% of exports, the surplus is exposed to a single price that Abuja does not set.
The politics of the fuel number
Petrol pricing has brought Nigerian governments down, and the removal of the subsidy in 2023 remains the most contested economic decision of the decade. Any figure suggesting the country is importing more fuel again lands in that argument.
Officials will point out, correctly, that an import bill is not a subsidy bill. Nigeria no longer pays the difference between the landed cost and the pump price.
The political risk is nonetheless real. Voters read import figures as a verdict on whether the pain of reform bought anything.
What to watch next
The third-quarter release will show whether the petrol figure was a timing effect or a trend. Watch also whether refined-product exports keep growing alongside it.
For investors, the number to follow is not the surplus but the share of it that is not crude oil.
Frequently Asked Questions
How big was Nigeria’s petrol import bill in Q2 2026?
Nigeria spent N952.15bn (about US$720.7m) on petrol imports in the second quarter of 2026, against N87.40bn (about US$66.2m) in the first quarter. That is a rise of 989.4%.
Did Nigeria still run a trade surplus?
Yes. The surplus widened to N12.59trn (about US$9.53bn) as exports reached N27.02trn (about US$20.45bn) and imports N14.42trn (about US$10.91bn).
What does Nigeria mainly export?
Crude oil accounted for N12.914trn (about US$9.77bn) of second-quarter exports, or 47.79% of the total. Raw materials and refined petroleum made up much of the rest.
Does this mean domestic refining has failed?
Not on this evidence. A single quarter can move on maintenance, cargo timing and exchange rates, and the data measure value rather than volume.
Who supplies most of Nigeria’s imports?
China remained the largest single source of imported goods in the quarter, according to the statistics office.
Connected Coverage
Our earlier account of the refining shift is in Dangote Refinery Cuts Nigeria’s Petrol Import Bill, and the share sale that will fund the plant’s expansion is covered in Dangote Refinery Wins Approval for Africa’s Biggest Share Sale. The wider commodity contest is tracked in Africa: The New Scramble.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times