{
  "id": 6247709,
  "title": "Nigeria’s petrol import bill surges 989.4% to N952.15 billion in Q2 2026",
  "url": "https://urgent.news/2026/09/08/nigerias-petrol-import-bill-surges-989-4-to-n952-15-billion-in-q2-2026",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-08T05:57:39.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/09/08/nigerias-petrol-import-bill-surges-989-4-to-n952-15-billion-in-q2-2026/"
  },
  "original_language": "en",
  "account": "In the second quarter of 2026, Nigeria's petrol import bill experienced a staggering surge of 989.4%, rising to N952.15 billion from N87.40 billion in the previous quarter. This was disclosed in an analysis of foreign trade statistics by the National Bureau of Statistics (NBS). Nevertheless, the value of petrol imports remained 59.9% lower compared to N2.38 trillion in Q2 2025, indicating a substantial decline in annual import expenditure. Petrol imports accounted for 6.6% of Nigeria's total imports in Q2 2026, a significant jump from just 0.64% in Q1 2026. This suggested a shift in Nigeria's petrol supply structure, with domestic refining capacity playing an increasingly important role. However, the quarterly growth in petrol imports showed that these fuels were still crucial in meeting domestic demand. Earlier reports indicated a 59.5% increase in petrol imports in May 2026 compared to the previous month, despite growing output from domestic refineries. The country’s oil refining sector had its strongest quarterly growth in the same period, expanding by 43.94% year-on-year. This was largely due to the increased capacity at the Dangote refinery, which rose from 650,000 to 700,000 barrels per day following maintenance and expansion work completed in February 2026. In 2025, import costs fell to $10 billion, down from $14.06 billion in 2024, primarily driven by the 40.9% depreciation of the naira, which inflated local-currency import costs.",
  "summary": "Nigeria’s petrol import bill surged by 989.4% quarter-on-quarter to N952.15 billion in the second quarter of 2026, up sharply from N87.40 billion recorded in the first quarter. The post Nigeria’s petrol import bill surges 989.4% to N952.15 billion in Q2 2026 appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}