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
Period:
2015 - 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Tags
Related Insights

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).

POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

A product of Techpoint Africa. All rights reserved