Nigeria’s Petrol Import Drops by 3.58 Billion Litres Post-Subsidy Removal

Nigeria’s petrol importation saw a significant drop in 2023, following President Bola Tinubu’s removal of the fuel subsidy in May. Data from the National Bureau of Statistics (NBS) reveals that petrol imports fell by 3.58 billion litres in the second half of 2023 compared to the first half, translating to a 29.99 per cent decrease.

The country imported 8.36 billion litres of Premium Motor Spirit (PMS) in the latter half of 2023, a sharp decline from 11.94 billion litres in the first half. When compared to the same period in 2022, where 11.98 billion litres were imported, this represents a 30.22 per cent decrease.

In total, 20.30 billion litres of PMS were imported in 2023. This is a 13.77 per cent decline from the 23.54 billion litres recorded in 2022. The first half of 2024 showed a significant increase in import bills. The import costs rose by 87.09 per cent to N5.8 trillion due to high crude oil prices and a weakened naira.

The subsidy removal announcement, made on May 29, 2023, had triggered a surge in petrol prices nationwide. According to Minister of Information Idris Mohammed, domestic petrol consumption dropped by 50 per cent, following the subsidy removal which has remained controversial.

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