Dangote Petroleum Refinery imported crude oil worth $3.74 billion in 2025, despite Nigeria’s status as a major crude-producing nation, highlighting ongoing supply challenges in the domestic oil sector.
Data from the Central Bank of Nigeria’s Balance of Payments report showed that the refinery’s crude imports contributed significantly to movements in the country’s current account position.
At the same time, Nigeria’s crude oil export earnings declined from $36.85 billion in 2024 to $31.54 billion in 2025, a drop of 14.41 per cent, reflecting shifts in global and domestic oil trade dynamics.
However, the refinery’s operations helped reduce the country’s dependence on imported fuel. The CBN noted that the availability of locally refined petroleum products led to a sharp decline in fuel imports.
Refined petroleum product imports fell to $10.00 billion in 2025, down from $14.06 billion in 2024, a 28.88 per cent decrease while overall oil-related imports also moderated.
This gain was partly offset by rising non-oil imports, which increased by 13.60 per cent year-on-year to $29.24 billion, underscoring sustained demand for foreign goods.
Despite these pressures, Nigeria’s goods account remained in surplus, rising to $14.51 billion in 2025 from $13.17 billion in 2024. The improvement was largely driven by refinery-related activities and stronger export performance in other sectors.
The CBN attributed the stronger balance to significant exports of refined petroleum products worth $5.85 billion by the Dangote refinery, alongside increased gas exports.
Overall, Nigeria recorded a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion posted in 2024 but significantly higher than $6.42 billion in 2023. The year-on-year decline was partly linked to structural changes in oil trade flows, including crude imports for domestic refining.
External pressures, however, persisted. Net outflows in the services account rose to $14.58 billion from $13.36 billion in 2024, driven by higher spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to increased dividend and interest payments to foreign investors.
Secondary income inflows declined slightly to $23.20 billion from $24.88 billion in 2024, as official development assistance and personal transfers weakened, although remittances remained a key support.
In naira terms, Nigeria imported crude oil worth N5.734 trillion between January and December 2025, as domestic refineries continued to face feedstock shortages.
This trend persists despite the Federal Government’s much-publicised naira-for-crude policy aimed at prioritising local supply, underscoring a growing paradox in Nigeria’s oil sector, importing crude while exporting less, even as domestic refining capacity expands.
