![\"Edd\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/IMG_1934.jpeg\")
<\/p>\nA\u00a0SaharaReporters’\u00a0review of the Central Bank of Nigeria\u2019s (CBN) monthly economic reports has revealed that $2.62 billion was spent on importing petroleum products between November 2024 and January 2025.<\/p>\n
The review shows that in November 2024, petroleum products importation stood at $0.99 billion.<\/p>\n
“A disaggregation indicated that the import of petroleum products decreased by 2.01 per cent to US$0.99 billion from its level in the preceding month.\u00a0<\/p>\n
Similarly, non-oil import decreased slightly to US$2.20 billion, from US$2.22 billion in the preceding month,\u201d the Central Bank of Nigeria stated in its monthly economic report for November 2024.<\/p>\n
Further review shows that the figure stood at $0.83billion in December, while the January figure was $0.80 billion.<\/p>\n
“Import of petroleum products decreased by 3.61 per cent to US$0.80billion from US$0.83billion in the preceding month.”<\/p>\n
<\/p>\n
“An analysis of sectoral utilisation of foreign exchange for visible import showed the industry sector as the largest user of foreign exchange with a share of 47.63 per cent, followed by the oil sector (25.91%), food products (12.06%), manufactured products (8.39%), agriculture (2.47%), transport (1.98%), and minerals (1.57%),\u201d the apex bank reported in its monthly economic report for January 2025.<\/p>\n
The total for the three months amounts to $2.62 billion.<\/p>\n
This development comes amid the Nigerian National Petroleum Company Limited\u2019s (NNPCL) continued emphasis on the local refining of petroleum in Nigeria.<\/p>\n
Earlier, a\u00a0SaharaReporters’\u00a0review showed that between October and December 2024, the total value of imported refined petroleum increased to N3.303 trillion.\u00a0<\/p>\n
This represents an additional N1.496 trillion spent on refined petroleum imports in the last quarter of 2024 compared to the same period in 2023.\u00a0<\/p>\n
The figure is also significantly higher than amounts recorded in previous years: N1.558 trillion in Q4 2022, N1.443 trillion in Q4 2021, and N574.8 billion in Q4 2019.<\/p>\n
In November 2024, NNPCL announced that its Port Harcourt Refinery in Rivers State had commenced crude oil processing.\u00a0<\/p>\n
The announcement was made by the company\u2019s Chief Corporate Communications Officer, Femi Soneye, who revealed that the refinery would operate at 60% capacity, processing 60,000 barrels per day (bpd).<\/p>\n
“Port Harcourt Refinery Begins Production; Truck Loading Starts Today,\u201d he announced via X (formerly Twitter).<\/p>\n
The Port Harcourt Refinery operates alongside the Dangote Refinery, also located in Nigeria. The Dangote Refinery has a production capacity of 650,000 bpd. However, it remains unclear how much of its output is supplied to the Nigerian market, given reported pricing disagreements with NNPCL.<\/p>\n
This ongoing reliance on fuel imports contradicts the Bola Tinubu-led government\u2019s promise to end fuel importation by February 2024. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had made this commitment during a working visit to the Port Harcourt Refining Company in Eleme, Rivers State.<\/p>\n
Refined petroleum imports continue to be a major drain on Nigeria\u2019s foreign exchange reserves, exerting pressure on the country\u2019s currency.<\/p>\n","protected":false},"excerpt":{"rendered":"A\u00a0SaharaReporters’\u00a0review of the Central Bank of Nigeria\u2019s (CBN) monthly economic reports has revealed that $2.62 billion was spent…\n","protected":false},"author":2,"featured_media":43656,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[2740,1500,51,2575,1700,77,1234,24281,3007,285,79,16,15],"class_list":{"0":"post-43655","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-africa","9":"tag-breaking-news","10":"tag-business","11":"tag-corruption","12":"tag-economy","13":"tag-entertainment","14":"tag-government","15":"tag-investigative-reporting","16":"tag-nigeria","17":"tag-politics","18":"tag-sports","19":"tag-uk","20":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114386967494602644","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/43655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=43655"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/43655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/43656"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=43655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=43655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=43655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}