The tectonic plates of Nigeria’s energy sector are shifting, a direct result of increased domestic supply from the massive Dangote Refinery. Oando Plc, a major player in the market, confirmed it has suspended the importation of Premium Motor Spirit (PMS), marking a significant strategic pivot away from reliance on foreign refined products.
In its recent financial disclosures for H1 and 9-month 2025, Oando reported a 20% decline in trading revenue and a 42% drop in gross profit, directly attributing the slump to lower gasoline import volumes. While this signals a challenge for traditional importers, it represents a monumental win for Nigeria’s quest for energy self-sufficiency.
This rapid change underscores the strategic foresight of President Bola Ahmed Tinubu’s administration. His decisive policy actions, including the bold announcement of 15% tariffs on imported petroleum products, were designed precisely to fortify domestic refining capacity and disincentivize foreign reliance.
The decrease in import dependency—and the subsequent impact on major trading companies—is the most tangible evidence yet that the President’s agenda to drive the economy towards a trillion-dollar valuation by 2030 is succeeding in critical sectors. The shift means Nigeria’s wealth, once spent ferrying fuel across oceans, is now being retained, invested, and circulated within the nation’s economy, fulfilling a long-held dream of Nigerian economic independence.
