The oil and gas sector more than doubled its demand for foreign exchange in 2024, rising by $1.23bn (119 per cent) year-on-year despite reduced fuel imports and efforts to boost domestic refining, according to data from the Central Bank of Nigeria’s latest quarterly statistical bulletin.
A breakdown of the data shows that the sector utilised a total of $2.26bn in foreign exchange in 2024, compared to $1.03bn recorded in 2023.
The figures indicate a significant surge in dollar requests even as fuel import volumes were reportedly declining due to the gradual operationalisation of the Dangote Refinery and the federal government’s drive to cut down on petroleum product imports.
Month-on-month analysis of the data, however, revealed wide fluctuations in the sector’s demand throughout 2024.
The year began with an unusually low utilisation figure of $26.55m in January, marking a sharp 85 per cent drop from $173.88m recorded in January 2023. In February, demand rose steeply to $161.88m, up 509 per cent from January 2024, and also higher than the $137.67m used in February 2023.
