Despite the operational capacity of the Dangote Refinery, which has reportedly achieved a surplus in fuel production, the Nigerian National Petroleum Company Limited (NNPC) continues to import significant quantities of petrol and diesel. This ongoing practice has raised eyebrows and sparked accusations of a $200 million per month racket benefiting select stakeholders in the oil sector.
Recent data reveals that between October 1 and November 11, 2024, NNPC and other marketers imported approximately 1.5 million metric tonnes of petrol and 414,018 metric tonnes of diesel, amounting to over $1.9 billion in costs. This situation persists even as the Dangote Refinery claims to have sufficient capacity to meet local demand, holding over 500 million litres of fuel in reserve after supplying the domestic market with 400 million litres since its opening in September 2024.
The continued importation of petroleum products has drawn criticism from various quarters, including prominent figures like Pastor Enoch Adeboye, who suggested that influential players in the oil industry are sabotaging local refinery initiatives by maintaining import activities for profit motives. This sentiment is echoed by industry insiders who argue that the reliance on imports undermines Nigeria's economic stability and exacerbates the ongoing foreign exchange crisis.
NNPC and other marketers imported over 2 billion litres of petrol and diesel within a 42-day period, despite local availability from Dangote Refinery.
The importation costs are estimated at nearly N3 trillion, contributing to Nigeria's already strained foreign exchange reserves.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently approved licenses for an additional 3.5 billion litres of petrol imports for December, raising concerns about the prioritization of foreign over local production.
Industry leaders are urging the federal government to reconsider its stance on granting import licenses when local refineries can fulfill national demand.