CPPE: 234% Surge in Fuel Import Will Discourage Downstream Investment
Says unexplained reversals in import policy increase uncertaintyDike OnwuamaezeThe Centre for the Promotion of Private Enterprise (CPPE) has raised concern over the surge in importation of petrol by 234 per cent within three months, from 5.9 million litres in May 2026 to 19.7 million litres in July 2026.
The CPPE said that available data from Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that average petrol import increased from 5.9 million litres per day in May 2026 to 18.1 million litres per day in June, which is a 206.8 per cent increase while the figures rose further to 19.7 million litres per day in July.
It highlighted that while import was rising the market share of domestic refineries declined from 41.5 per cent in May 2026 to 32.5 per cent in June 2026 and further 25.8 per cent in July 2026 whereas the market share of imported petrol rose from 12.4 per cent in May to 43.3 per cent of July 2026.
According to CPPE, imports should close gaps and not create displacement of domestic refineries because a deregulated market does not imply regulatory indifference to the structure of supply.The centre said that refining is a strategic anchor industry that provides fuels and feed stocks for petrochemicals, plastics, fertiliser, pharmaceuticals, paints, packaging and other manufacturing chains and warned that any policy that displaces viable domestic refining output will contradict Nigeria’s ambition to deepen industrial capacity.
