Nigeria’s daily petrol imports fell by 58.9 per cent between January and September 2026, as domestic refineries continued to account for a larger share of supply, although the volume of petrol received into the country remained below consumption in September.

This was as the country received an average of 105.9 million litres of imported petrol per day in total across the nine months from January to September 2026.

Using the number of calendar days in each month, Nigeria received an estimated 3.24 billion litres of imported petrol between January and September 2026. This was calculated by multiplying each month’s reported daily import average by the number of days in that month. The estimate is based on rounded NMDPRA figures and may differ slightly from the regulator’s underlying totals.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s September fact sheet released on Thursday showed that petrol imports declined from 24.8 million litres per day in January to 10.2 million litres per day in September.

This represented a reduction of 14.6 million litres per day, or 58.9 per cent, in the daily average volume of imported petrol received over the period.

The decline occurred alongside a significant increase in domestic supply between September 2025 and September 2026, reflecting the growing contribution of local refining to Nigeria’s petrol market.

According to the NMDPRA data, domestic petrol receipts rose from 17.6 million litres per day in September 2025 to 28.5 million litres per day in September 2026, representing an increase of 61.9 per cent.

Consequently, locally supplied petrol accounted for 73.6 per cent of the 38.7 million litres received daily in September, while imports contributed 26.4 per cent.

The September figures, however, showed that the decline in imports was not matched by a corresponding increase in overall petrol supply, as total receipts fell by 23.4 per cent from 50.5 million litres per day in August.

The NMDPRA attributed the September decline to reductions in both domestic supply and imports, noting that approved import permit volumes were being exhausted.

Domestic petrol receipts fell by 20.6 per cent from 35.9 million litres per day in August to 28.5 million litres in September. Imported supplies declined by 30.1 per cent from 14.6 million litres to 10.2 million litres daily.

The combined reduction of 11.8 million litres per day in receipts came as petrol consumption increased

The regulator reported that daily petrol consumption rose by seven per cent from 41.5 million litres in August to 44.4 million litres in September.

This left a gap of 5.7 million litres per day between reported petrol receipts and consumption in September, with daily receipts covering about 87.2 per cent of reported consumption.

The development also affected stock sufficiency. Petrol stock cover increased slightly from 22.9 days in August to 23.9 days in September, but remained below the 30-day threshold used by the regulator.

The stock cover represented an improvement of 4.4 per cent over August, although the country still had about six days less than the benchmark.

The figures suggest that the reduction in imports has not, by itself, eliminated supply pressures. Sustaining lower import dependence will require domestic refineries to provide sufficient and consistent volumes to meet consumption.

A review of the monthly data from January to September showed that petrol imports fluctuated considerably during the period.

Imported petrol receipts fell from 24.8 million litres per day in January to 3.0 million litres in February, before rising to 5.9 million litres in March. They dropped to 3.7 million litres in April, increased to 5.9 million litres in May and then climbed sharply to 18.1 million litres in June.

Imports rose further to 19.7 million litres per day in July before falling to 14.6 million litres in August and 10.2 million litres in September.

The July figure was the highest monthly import receipt since January, while September’s volume was 48.2 per cent below July’s level.

Domestic supplies also varied during the nine-month period. They rose from 40.1 million litres per day in January to 40.7 million litres in April and peaked at 41.5 million litres in May, before falling to 32.5 million litres in June and 25.8 million litres in July.

Domestic receipts recovered to 35.9 million litres daily in August before declining to 28.5 million litres in September.

The Development Bank of Nigeria has disbursed N1.4tn to Micro, Small and Medium Enterprises nationwide, supporting the creation of about 1.6 million jobs as of December 2025.

The bank also announced plans to reach more than two million MSMEs under a new five-year strategy, with particular attention to women-led businesses, young entrepreneurs and underserved states.

The bank disclosed this in a statement issued on Thursday after its seventh Annual Lecture, held in Abuja, on Wednesday.

“As at December 2025, DBN had disbursed a cumulative N1.4tn to MSMEs through 84 Participating Financial Institutions, creating about 1.6 million jobs nationwide. Under its new five-year strategy, the Bank aims to reach more than two million MSMEs, with deliberate targets for women-led businesses, youth-led businesses and underserved states,” the statement read.

Speaking at the event, the Managing Director and Chief Executive Officer of DBN, Dr Tony Okpanachi, said the bank had channelled the funds through 84 Participating Financial Institutions to improve access to credit for small businesses.

“The major reforms are now in place. How do we make sure their benefits reach the trader in Onitsha, the fabricator in Aba, the farmer in Kebbi and the young founder in Yaba?” he asked.

Okpanachi noted that MSMEs accounted for nearly half of Nigeria’s Gross Domestic Product and more than 80 per cent of employment, making their performance critical to the success of economic reforms.

“When reform works for MSMEs, it works for most Nigerians,” he added.

The DBN boss explained that economic reforms would translate into prosperity only when entrepreneurs could access long-term financing, acquire equipment, improve their operations and expand their businesses.

At the lecture, DBN launched its Action for Women in Nigeria initiative, known as DAWN, alongside its Impact Report and MSME Data Assets.

The initiative is designed to address financing constraints facing women-owned businesses by combining loans, credit guarantees, technical assistance, outcome-linked grants and market access.

Its priority sectors include agriculture, exports, healthcare, creative industries, technology and green businesses.

“DAWN is about moving gender-focused lending beyond intention and turning access into opportunity”, Okpanachi said.

The bank also signed a $61m Gender Line of Credit agreement with the African Development Bank to strengthen financing for women-led enterprises.

Okpanachi urged financial institutions to expand lending into underserved sectors and states, while encouraging entrepreneurs to formalise their businesses and maintain proper financial records.

He also called on policymakers to “measure reform by what changes for the business at the end of the chain”.

The event featured the Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and the Chairman of the Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya, as keynote speakers.

Other participants included Sterling Bank CEO, Abubakar Suleiman; entrepreneur Omoyemi Chukwurah; and Babban Gona’s Kola Masha, who joined virtually.

Nigeria’s Vice President, Kashim Shettima, was represented by Dr Fred Iklaga, Senior Technical Adviser in the Office of the Special Adviser to the President on the Economy.

The Central Bank of Nigeria, on Thursday, warned Nigerians that failing to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment, and cautioned bank customers against sharing their personal details with fraudsters.

The CBN Governor, Olayemi Cardoso, who explained that the act falls under financial crimes that attract severe punishment, gave the warning during the stakeholders’ meeting themed, “Central Bank of Nigeria Listens Programme,” held at Jogor Event Centre, Ibadan, Oyo State.

Cardoso, who spoke through Hakama Sidi Ali, said the CBN was committed to financial stability and the protection of customers’ rights.

He said, “Obtaining information relating to another person(s) account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment.

“The CBN Listens Programme is one of our flagship platforms for direct interaction with stakeholders across the country. It reflects our conviction that effective policy formulation and implementation must be supported by continuous dialogue and mutual understanding, and constructive feedback from the people and institutions we serve.

“The theme, ‘Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,’ is both timely and significant as Nigeria continues to navigate a rapidly evolving economy and financial landscape. The CBN remains steadfast in its mandate of ensuring monetary and financial system stability while promoting confidence in the economy.”

“Recent years have witnessed significant reforms aimed at restoring macroeconomic stability, strengthening financial markets, enhancing transparency, deepening financial inclusion and positioning Nigeria for sustainable growth. These priorities align with the bank’s strategic objectives of promoting a robust, sound and inclusive financial system that leverages innovation to enhance Nigeria’s competitiveness.

“To achieve these objectives, the bank has undertaken far-reaching reforms designed to strengthen the resilience and integrity of the Nigerian financial system. Over the past 38 months, the governor has pursued bold and pragmatic reforms to lay the foundation for Nigeria’s next economic phase, promoting inclusive growth and wealth creation to alleviate poverty.”

He added, “The launch of the non-resident BVN to connect Nigerians in the diaspora with local banking services, the system of forex trading, the unveiling of the Nigerian Payments System Vision 2028, and the implementation of the 75 per cent cash reserve ratio on non-treasury single account public sector deposits are intended to improve liquidity management and mitigate risk.

“The Nigerian Overnight Financial Rate was also introduced by the bank in collaboration with the Financial Market Dealers Association, among other initiatives. This benchmark, which aligns Nigeria’s monetary market infrastructure with international practices, provides a transparent market-based reference rate for short-term lending transactions.

“The CBN firmly believes that economic growth cannot be sustainable unless it is inclusive. Therefore, financial inclusion remains a critical pillar of national development. It expands economic opportunities, reduces poverty, supports entrepreneurship and promotes shared prosperity.

“We, therefore, continue to work closely with financial institutions, fintech companies, mobile money operators, development partners and state governments to expand and extend financial services to underserved populations of Nigerians.”

The CBN governor stressed that the bank’s Listens Programme was rooted in the recognition that stakeholders were partners in the development and implementation of effective policies.

He said, “The programme, therefore, provides opportunities for us to further explain policies, clarify misconceptions where they exist, receive feedback and identify issues affecting individuals, businesses and communities.

“As depositors, you have the right to escalate your complaint to the Director, Consumer Protection and Financial Inclusion Department, after lodging your complaint, if your bank fails to acknowledge it within three days.

“In the alternative, you can issue a tracking number if the bank fails to resolve the complaint within the timelines as stipulated by the Consumer Protection Regulation.”

It will be recalled that the CBN was established by the Central Bank Act of 1958 and officially commenced operations on July 1, 1959, in Lagos, taking over control from the British colonial West African Currency Board.