The Federal Government says Nigeria’s petrol import bill has dropped dramatically from N2.3 trillion to less than N90 billion, following a significant increase in local refining capacity.
The disclosure was made by the Special Adviser to the President on Oil and Gas, Mrs. Olu Verheijen, during the Nigerian-British Chamber of Commerce Energy Day 2026 in Lagos.
According to Verheijen, Nigeria is now refining a substantial portion of the petrol consumed locally, reducing the country’s dependence on imported fuel and easing pressure on foreign exchange.
She revealed that local petrol production has grown from virtually zero in 2023 to about 48 million litres per day, marking a major shift in the nation’s energy landscape.
“For the first time in a generation, the majority of the petrol Nigerians consume is now refined at home.”
Verheijen explained that the reduction in fuel imports has helped lower demand for foreign currency, contributing to greater stability for the naira.
She added that energy security and currency stability are closely linked, noting that less spending on imported fuel means fewer pressures on Nigeria’s foreign exchange reserves.
The presidential aide also highlighted improvements in crude oil production, saying output has risen significantly since 2023, while illegal refining activities have been reduced.
According to her, ongoing reforms in the oil and gas sector, including the removal of fuel subsidies and exchange rate adjustments, have helped restore investor confidence and increase government revenue.
She noted that total federation revenue rose from about N12 trillion in 2023 to approximately N21 trillion in 2024, reflecting the impact of the reforms.
The government maintains that these measures are aimed at strengthening Nigeria’s economy, boosting local production and reducing reliance on imports.
Source: NAN
