Despite the Dangote refinery, Nigeria imported 1.5 million tonnes of Fuel and 414,000 tonnes of diesel between October 1 and November 11, 2024, worth $1.9 billion.
Pastor Adeboye accused oil sector figures of sabotaging local refineries, raising concerns over funding amid a foreign exchange crisis.
Despite the growing availability of locally produced fuel at Dangote refinery, Nigerian oil marketers, led by the state-owned Nigerian National Petroleum Company Limited (NNPC), continue to import significant quantities of petrol and diesel.
Continued Fuel Imports Amid Local Supply: A Drain On Nigeria’s Foreign Exchange
Between October 1 and November 11, 2024, NNPC and other marketers imported 1.5 million metric tonnes of fuel and 414,018.764 metric tonnes of diesel, costing about $1.9 billion, or nearly 3 trillion Naira.
This situation has raised concerns, especially after a statement from General Overseer of the Redeemed Christian Church of God, Enoch Adeboye.
He accused powerful figures in the oil and gas sector of sabotaging private refinery efforts by continuing fuel imports for trivial reasons.
Adeboye made this claim during the church’s Abuja Special Holy Ghost Service, themed ‘Total Restoration’.
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In addition, Nigeria, Africa’s most populous nation, is currently grappling with a severe foreign exchange crisis.
This has led to factory closures and the exit of multinational firms. However, little is known about how fuel importers are sourcing dollars for their imports.
Meanwhile, the naira has weakened further.
On Friday, it dropped to ₦1,740/$ on the parallel market, down from ₦1,720 the previous day.
On the official forex market, the naira also depreciated slightly to ₦1,652/$ from ₦1,650. Critics argue that this reflects government mismanagement and the failure to prioritise domestic refining.
Additionally, the data from the period reveals that importers brought in 13,500 metric tonnes of jet fuel, highlighting the scale of fuel imports despite local supply capacity.
