Nigeria’s 2023 fuel imports declined by 13.7%, the biggest decline since 2015

In 2023, Nigeria saw a 17% reduction in petrol supply as imports fell by nearly 14% from 23.5 billion litres in 2022 to 20.3 billion litres.

The removal of the fuel subsidy in May 2023 led to higher prices and lower demand, especially in the second half of the year.

The Dangote refinery’s rising output could shape future supply.

Source:

National Bureau of Statistics

<div style="text-align: center;"><a href="https://intelpoint.co/insights/nigerias-2023-fuel-imports-declined-by-13-7-the-biggest-decline-since-2015/" title="Nigeria’s 2023 fuel imports declined by 13.7%, the biggest decline since 2015"><img src="https://intelpoint.co/wp-content/uploads/2024/10/Nigerias-2023-fuel-imports-declined-by-13.7-the-biggest-decline-since-2015-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Nigeria’s 2023 fuel imports declined by 13.7%, the biggest decline since 2015"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Nigeria%E2%80%99s+2023+fuel+imports+declined+by+13.7%25%2C+the+biggest+decline+since+2015" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2015 - 2023

HTML code to embed chart

Want a bespoke report?

Reach out

Tags

Related Insights

Petrol prices surged by nearly 1000% in 9 years

In February 2016, petrol was at its lowest price of ₦99.80 per litre, marking the last time fuel prices remained below ₦100.
By November 2024, petrol prices soared to an all-time high of ₦1,214.17 per litre, reflecting the compounded effects of inflation, currency depreciation, and global oil price volatility.
Over the nine-year period, the average petrol price stood at ₦272.65 per litre.
Between January 2016 and December 2024, petrol prices increased by ₦1,079.52, a staggering 984.96% rise, emphasising the long-term upward trajectory influenced by economic challenges, subsidy removals, and fluctuating exchange rates.
The most volatile period recorded a month-to-month price surge of over 129.23%.

NNPC has recorded ₦6.8 trillion profit since 2020

Since 2020, the Nigerian National Petroleum Company Limited (NNPC) has seen a 1,048% profit increase, totalling ₦6.8 trillion over four years. From nearly eliminating losses in 2019, NNPC achieved a 16,982% profit surge in 2020. The growth persisted with 135% in 2021 and 278% in 2022. Despite a steady 29% increase in 2023, rising debts and fuel scarcity cast doubt on the sustainability of this success.

Five African countries accounted for 61% of the continent's daily oil consumption in 2022

In 2022, Egypt, South Africa, Nigeria, Algeria, and Morocco collectively consumed an average of 2.712 million barrels of oil per day (Mb/d), 61% of the continent's daily oil consumption (4.478 Mb/d). African countries consumed 4.7% of the global usage (99.8 Mb/d). Egypt used the most (850.5 thousand barrels per day (Kb/d)), followed by South Africa (601.2 Kb/d) and Nigeria (514.5 Kb/d).