Dangote Petroleum Refinery imported a total of $3.74 billion worth of crude oil in 2025, despite Nigeria being a crude oil-producing country.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74bn by Dangote Refinery” contributed to movements in the country’s current account position.
Crude Oil Exports and Imports
In contrast, crude oil exports dropped from $36.85bn in 2024 to $31.54bn in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Key Highlights
- Refined petroleum product imports fell sharply to $10.00bn in 2025 from $14.06bn in 2024, representing a 28.88 per cent decline
- Total oil-related imports also eased
- Non-oil imports increased from $25.74bn to $29.24bn, up 13.60 per cent year-on-year
However, this was offset by a rise in non-oil imports, which increased from $25.74bn to $29.24bn, up 13.60 per cent year-on-year, reflecting sustained demand for foreign goods.
Current Account Surplus
The goods account remained in surplus at $14.51bn in 2025, rising from $13.17bn in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
Nigeria posted a current account surplus of $14.04bn in 2025, lower than the $19.03bn recorded in 2024 but significantly higher than $6.42bn in 2023.
Challenges and Pressures
- Pressure on the current account came from higher external payments
- Net outflows for services rose from $13.36bn in 2024 to $14.58bn in 2025
- Net outflows in the primary income account surged by 60.88 per cent to $9.09bn
In contrast, secondary income inflows declined slightly from $24.88bn in 2024 to $23.20bn in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow.
Nigeria imported crude oil worth N5.734trn between January and December 2025 as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.