The Central Bank of Nigeria (CBN) says the country’s petrol import bill declined by 28 percent to about $10 billion in 2025. The figure was contained in the bank’s latest economic report, which reviewed developments in Nigeria’s external sector and trade performance.
According to the report, the drop in import costs reflects reduced dependence on foreign refined petroleum products. The bank attributed the trend to improved domestic supply conditions and ongoing reforms in the downstream sector. It noted that policy changes have influenced import volumes.
The CBN said the decline in petrol imports has helped ease pressure on Nigeria’s foreign exchange reserves. The report highlights the broader macroeconomic implications of the trend.
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The apex bank added that sustaining the reduction will depend on continued improvements in local refining capacity. It stressed the importance of reforms aimed at boosting domestic production and reducing reliance on imports in the long term.
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