CBN Injects $1.25bn To Support Fuel Imports and Other Sectors

The Central Bank of Nigeria (CBN) has disbursed a total of $1.26 billion to operators in the oil sector for the importation of petroleum products and related goods within the first quarter of 2025.

This release comes amid ongoing debates among marketers, some of whom continue to import fuel despite the availability of locally refined products from the Dangote Refinery.

Fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that marketers imported 69% of the 21 billion litres of petrol consumed in the country between August 2024 and early October 2025.

Between January and March 2025 alone, 2.28 billion litres of petrol were brought into the country — one of the lowest quarterly import volumes in recent years, suggesting a gradual shift toward local refining and blending.

According to the CBN’s quarterly statistical bulletin, the apex bank disbursed $457.83 million in January (36.2%), $283.54 million in February (22.5%), and $517.55 million in March (41.3%).

NMDPRA figures further showed monthly imports of 724.5 million litres in January, 760 million litres in February, and 803.7 million litres in March.

Competition between the Dangote Refinery and fuel importers has intensified, as both parties seek to dominate Nigeria’s downstream market. While the refinery continues to export products — including to the United States — pricing remains the key factor influencing marketers’ choices.

According to Chinedu Ukadike, National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), marketers prioritize affordability over sentiment.

“Pricing is everything in this business,” he said. “If imported products are cheaper, we buy them. If Dangote’s refinery offers a better price, we’ll buy locally.”

He explained that the price gap between imported and locally refined products fluctuates with global oil prices, exchange rates, and policy shifts.

Meanwhile, the Major Energies Marketers Association of Nigeria (MEMAN) reported a further decline in the import parity price of Premium Motor Spirit (PMS), now estimated at ₦805.46 per litre, driven by global price pressures and currency fluctuations.