Nigeria recorded petrol export earnings of N371 billion in recent months, even as the country continues to rely heavily on imported petroleum products to meet domestic demand.
Data from industry reports revealed that while petrol exports contributed significantly to foreign exchange inflows, the paradox of heavy import dependence highlights persistent challenges in Nigeria’s downstream oil sector.
Analysts note that the development underscores inefficiencies in refining capacity, with local refineries operating below potential. They argue that until Nigeria strengthens domestic refining, the nation will continue to face the irony of exporting crude-derived products while spending heavily on imports.
Energy experts have urged the government to prioritize investments in refinery rehabilitation and support for private refineries to close the supply gap and reduce the pressure on foreign reserves.
The figures come at a time when Nigerians are grappling with high fuel prices and calls for improved energy security.
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