Petrol importation remained the dominant source of fuel consumed in Nigeria in 2025, accounting for 62.47 per cent of the country’s total Premium Motor Spirit consumption, The PUNCH reports.This trend persisted despite the commencement of operations, steady ramp-up in production and distribution of petrol by domestic refineries, notably the Dangote Petroleum Refinery, alongside state-owned refineries and several modular facilities, as revealed in the latest midstream and downstream sector factsheet released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
According to the newly released NMDPRA factsheet on the state of the midstream and downstream petroleum sector, as analysed by our correspondent on Sunday, total national petrol consumption by Nigerians stood at approximately 18.97 billion litres in 2025, with oil marketing companies accounting for 11.85 billion litres through imports, highlighting the market’s continued dependence on foreign supply.This means that nearly two-thirds of petrol consumed by Nigerians in 2025 was sourced from imports, while domestic refineries contributed about 7.54 billion litres, representing 37.53 per cent of total consumption, the regulator stated.The CBN further said in its outlook that the growth prospect in 2026 is positive on account of continued gains from broad-based structural reforms and improved stability in the exchange rate. It added that easing monetary policy would add impetus to growth following the anticipated reduction in lending costs.The Central Bank kept its policy rate at 27 per cent at its November 2025 meeting, signalling confidence that inflation would continue to ease. Cardoso explained that the economy had moved from crisis containment to reform-based stabilisation. He said, “After nearly a decade in which real GDP growth averaged about two per cent, reforms have restored momentum and confidence in our broad macroeconomic environment. Our economy grew by 4.23 per cent in the second quarter of 2025, the strongest pace in four years, driven by improvements in telecommunications, financial services, and oil production.”
He also confirmed that inflationary pressures were easing. He said, “More importantly, in terms of long-term stability, inflation, while still high, has moderated consistently. From a peak of 34.6 per cent in November 2024, it has more than halved to 14.50 per cent in November 2025. This marks eight consecutive months of disinflation.”
Cardoso said this decline was restoring real purchasing power and solidifying policy credibility. He added, “We continue with determination to bring inflation down further. The current double-digit rate cannot be acceptable. Price stability is the foundation of sustainable growth. Our transition to an inflation-targeting framework is gaining traction. We have improved data analytics, strengthened communication, and ended monetary financing of fiscal deficits. These actions have strengthened monetary policy transmission and anchored expectations.”He further stated that the CBN’s models project continued disinflation in 2026, helped by stronger production, improved FX liquidity and disciplined liquidity management. “As inflation moderates and becomes firmly anchored, we will calibrate the policy rate in line with evolving data.”
According to him, observers have recognised Nigeria’s turnaround. “Domestic and international observers alike have noted Nigeria’s ‘huge turnaround’ in macroeconomic management. Our commitment remains clear: monetary policy will stay evidence-based, data-driven, and unwavering in its pursuit of price stability.”The bank also expects the current account surplus to rise to $18.81bn in 2026, supported by stronger exports, steady remittances and better petroleum sector performance. Portfolio inflows and external borrowings are expected to leave the financial account in a net borrowing position of $10.15bn, while the International Investment Position is projected at $69.58bn in net borrowing terms.The CBN insists that reforms are already yielding results. It highlighted that the balance of payments posted an estimated surplus of $5.80bn in 2025, supported by higher export earnings and the gradual recovery of investor confidence.