Nigeria imported crude oil worth $3.74 billion in 2025 to support operations of the Dangote Petroleum Refinery, marking a significant shift in the country’s oil trade dynamics despite being a major crude producer.
This was revealed in the Balance of Payments report released by the Central Bank of Nigeria, which linked the imports directly to refining activities and movements in the nation’s current account.
According to the report, Nigeria recorded a current account surplus of $14.04 billion in 2025—down from $19.03 billion in 2024 but notably higher than $6.42 billion in 2023. The drop from the previous year was partly attributed to structural changes in oil trade, including increased crude imports for domestic refining.
Crude oil export earnings also declined by 14.41 percent, falling from $36.85 billion in 2024 to $31.54 billion in 2025, further influencing the country’s external balance.
However, the goods account remained strong, posting a surplus of $14.51 billion, up from $13.17 billion in 2024. This was largely driven by refined petroleum exports valued at $5.85 billion from the Dangote refinery, alongside improved gas export performance.
The CBN noted that local refining capacity helped reduce Nigeria’s dependence on imported fuel. Refined petroleum imports dropped significantly by 28.88 percent to $10 billion in 2025, compared to $14.06 billion in 2024.
Despite this improvement, non-oil imports rose by 13.60 percent to $29.24 billion, reflecting sustained demand for foreign goods. At the same time, external payments increased, with service-related outflows rising to $14.58 billion and primary income outflows jumping 60.88 percent to $9.09 billion, driven by higher dividend and interest payments.
Secondary income inflows, including remittances, dipped slightly to $23.20 billion from $24.88 billion in the previous year.
On the financial account, Nigeria shifted to a net borrowing position of $1.69 billion in 2025, compared to a net lending position of $9.65 billion in 2024. Portfolio investment inflows declined sharply by 48.3 percent to $8.04 billion, while foreign direct investment improved to $4.01 billion from $1.61 billion, indicating growing interest in long-term investments.
Overall, the country maintained a balance of payments surplus of $4.23 billion, although lower than the $6.83 billion recorded in 2024. External reserves rose by 13.83 percent to $45.75 billion by the end of the year.
Despite these gains, Nigeria’s reliance on imported crude highlights ongoing challenges in domestic supply. Analysts say the Federal Government’s naira-for-crude policy has yet to deliver expected results, as refineries—including Dangote’s—continue to depend heavily on foreign feedstock.
Industry expert Jeremiah Olatide noted that the policy has had limited impact since its introduction in 2024, with the Dangote refinery sourcing a large portion of its crude from international markets. He added that while product availability has improved, fuel prices have remained largely unchanged due to continued reliance on global pricing benchmarks.
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