Petrol prices surged by nearly 1000% in 9 years

Key Takeaways

  • 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%.

Over the past nine years, petrol prices in Nigeria have experienced a dramatic and relentless rise, climbing from 109.60 per liter in January 2016 to 1,189.12 per litre in December 2024, a staggering 984.96% increase. While the early years saw moderate fluctuations, the trend took a sharp upward trajectory in recent years, driven by economic shifts, subsidy removals, currency depreciation, and global oil price volatility.

The sharpest single-month price surge occurred in June 2023, when petrol prices skyrocketed by 129.23% compared to the previous month. This unprecedented leap marked a pivotal moment in Nigeria’s fuel pricing history, coinciding with the removal of fuel subsidies, which instantly doubled the cost of petrol and sent ripple effects across the economy.

The highest recorded price of 1,214.17 per liter came in November 2024, reflecting continued economic pressures, while the lowest price of 99.80 per litre was observed in February 2016, when subsidies still kept fuel costs relatively low. Despite these extremes, the average petrol price over the nine-year period was 272.65 per litre, showing that while drastic spikes occurred, there were also periods of relative stability.

Source:

National bureau of statistics

Period:

2016 to 2024
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Over 1 million Nigerian students applied for loans; 52% for Institutional loans, 48% for Upkeep loans
  • Institutional loans lead slightly, with 552,009 applications, showing a strong need for tuition and direct school-related expenses.
  • Upkeep loans are not far behind, at 519,964 applications, highlighting the importance of financial support beyond school fees.
  • Combined, over 1 million applications reveal a large and growing demand for structured educational funding in Nigeria.
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Student loan applications peaked in August 2024 with over 91,000 submissions, the highest in a single month
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  • A resurgence began in January 2025, leading to a second wave of activity that reached 59K applications in April 2025, the second-highest month.
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University students dominate NELFUND applications, making up 90% as of May 2025
  • University students filed 497,000 loan applications, accounting for a staggering 90.1% of all institutional submissions.
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  • Polytechnics trailed with 21,000 applications, contributing 3.7% to the national tally.
  • Out of every 10 students applying for a loan, 9 are university students, underscoring their dominance in demand.

Northern Nigeria leads student loan demand with over 170,000 applications from its top 10 institutions
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  • North West institutions dominate the list, with five universities (Bayero University Kano, Federal University Dutsinma Katsina, Ahmadu Bello University, Usman Danfodiyo University, Sokoto, and Umaru Musa Yar'adua University) collectively accounting for a substantial portion of applications.
  • North Central is represented by University of Jos and University of Ilorin, highlighting the region's active participation in the student loan programme.
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  • Female applicants trail behind at 177,063, contributing just 32% to the total loan accounts.
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  • The gender gap in student loan uptake is 197,883, with males nearly double the number of female applicants.

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