Nigeria exported crude oil worth N47.43trn in the 12 months of 2025, analysis of trade statistics by the National Bureau of Statistics (NBS) has shown.
Analysis of the reports showed that the N12.95trn of the product was exported in the first quarter of 2025 which dropped to N11.96trn in the second quarter.
The figure rose back to N12.8trn in the third quarter but the fourth quarter recorded the least exportation as the figure dropped to N9.7trn.
Analysis by countries showed that Spain was Nigeria’s largest customer during the year purchasing N4.9tr worth of crude oil followed by France with N4.8trn and India with N4.2trn worth of the product.
Next is Canada who purchased N4.1trn of Nigeria’s crude oil while the Netherlands followed with N4.6trn worth of the product. Italy also purchased N4.01trn worth of crude oil with Indonesia buying N3.6trn while the United States of America purchased N2.8trn of the product.
South Africa bought N1.3trn of crude oil during the period while Malaysia N458.9bn, China bought N393.3bn, Togo also purchased N113.3bn of crude with Ivory Coast buying N745,6bn and Ghana buying N160bn of the product.
Dangote imported N5.7trn crude
On the other hand, Nigeria imported N5.7 trillion of crude oil, which is mostly imported by the Dangote Refinery.
A breakdown showed the company imported crude oil worth N1.18 trillion in the first quarter of 2025 and it increased to N1.64 trillion in the second and N2.4trn in the third quarter and dropped substantially to N499.7 billion in the fourth quarter.
N8.96trn worth of PMS imported
Meanwhile, a total of N8.96 trillion worth of Premium Motor Spirit (PMS), popularly known as petrol, was imported into the country during the year.
A breakdown showed N1.7 trillion worth of the product was imported in the first quarter which increased to N2.3 trillion in the second quarter but dropped to N1.2trn and further increased to N3.5trn in the third and fourth quarters respectively.
The reduction in PMS came at a time when the Dangote Refinery was emerging as the dominant supplier of petroleum products in Nigeria’s downstream sector.
The N8.96trn imported is a significant drop from the N15.4trn imported in 2024 and N7.51 trillion in 2023.
It would be recalled that the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said it suspended the issuance of PMS license importation for a second straight month in 2026.
Data from the NMDPRA for February showed no import licenses were issued, while the Crude Oil Refineries Association of Nigeria (CORAN) confirmed to Reuters that none has been issued so far in March, signaling a shift towards prioritising local output.
The shift highlights a stronger intent by FG to protect domestic refining and marks a win for the Dangote Refinery and other local refineries, which last year sued the NMDPRA and the state oil company, the Nigerian National Petroleum Company Limited (NNPCL) to force a halt on imports.
Under the PIA, the regulator may grant import permits only when domestic production is not enough to meet national demand.
The data showed Nigeria’s average daily petrol consumption fell to 56.9 million litres per day in February 2026, down from 60.2 million litres in January.
In February, the Dangote Refinery supplied 36.5 million litres of petrol and 8 million litres of diesel to the local market.
According to NMDPRA, these volumes were sufficient, leading to its decision to withhold import licenses.
Eche Idoko, spokesperson for the Crude Oil Refiners Association of Nigeria (CORAN), which has long urged the government to stop issuing import licenses that undermine local refiners’ margins, welcomed the regulator’s stance.
“For us, anything that protects local production is a good move. The challenge now is to sustain the momentum,” Idoko said.
However, the President of the Dangote Industries Limited (DIL), Aliko Dangote, maintained that Nigeria’s downstream regulator is still issuing licences for the importation of petrol, warning that the practice could undermine the operations of his refinery and jeopardise Nigeria’s energy security.
Dangote said the continued importation of refined petroleum products into Nigeria was hurting the petroleum refinery, which he insisted has the capacity to meet the country’s entire fuel demand.
In an interview, the billionaire businessman stated that although the refinery can produce up to 75 million litres of petrol daily, some market participants were still bringing in imported products into the country, a situation he said may ultimately affect the country’s energy security.
According to him, the persistence of import licences contradicts official assurances by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that fuel importation would be limited once domestic refining capacity improves.
He added that while his refinery had begun exporting refined petroleum products to other markets, importers were still bringing fuel into Nigeria and engaging in practices that distort the domestic market.
“They are still issuing licences despite that we can meet the demand. They are still killing us with importation. They are importing and we are exporting. Yes, we can do 75 million litres, but they are still back-loading.”