The decline in fuel imports is a welcome development for Nigeria's economy, which has long been reliant on imported petroleum products. In 2022, the country spent around $23 billion on fuel imports, accounting for approximately 39.6% of its total imports.The Dangote Refinery, with a capacity to refine 650,000 barrels of crude oil per day, is poised to significantly reduce Nigeria's dependence on imported fuel. This development is expected to have a positive impact on the country's trade balance and foreign exchange reserves.Despite being Africa's largest oil producer, Nigeria is paradoxically known for being a significant importer of petroleum products. This situation weighs heavily on the country's energy bill. According to data published on Wednesday, January 29, by Vortexa, a company that provides data on petroleum cargo movements, Nigeria's gasoline imports have fallen to their lowest level since 2017.These gasoline supplies reached around 110,000 barrels per day (b/d) in January 2025. For comparison, Nigeria imported between 200,000 and 400,000 b/d in 2017, according to figures cited by local media.According to Samantha Hartke, an analyst at Vortexa, who commented on the matter, "the slowdown in Nigeria's gasoline imports is largely due to the ramp-up of the Dangote refinery.Furthermore, it's worth noting that the removal of fuel subsidies in May 2023 also had a significant impact on the volume of gasoline imported into Nigeria. According to the National Bureau of Statistics (NBS), the total fuel imports were reduced to 20.30 billion liters in 2023, representing a decline of about 13.77% year-over-year.It's worth recalling that despite being a crude oil exporter, Nigeria imported between 90% and 95% of its fuel needs, according to data from the French Treasury. This, according to Statista, positioned the country as the largest African importer of petroleum products in 2023, with a volume of 476,000 barrels per day (b/d).Moreover, it's worth noting that the removal of fuel subsidies in May 2023 also had a significant impact on the volume of gasoline imported into Nigeria. According to the National Bureau of Statistics (NBS), the total fuel imports were reduced to 20.30 billion liters in 2023, representing a decline of about 13.77% year-over-year.Notably, the Dangote refinery is not yet operating at its full capacity of 650,000 barrels per day. Meanwhile, Nigeria is gradually improving its refining capabilities with the expected revival of its four public refineries. The country's refining capacity is expected to increase from 445,000 barrels per day to 1.5 million.¹ This development is part of Nigeria's efforts to strengthen its energy independence and reduce its reliance on imported fuel.

Christelle koambi.