Despite being a major crude oil-producing country, Nigeria saw the Dangote Petroleum Refinery import $3.74 billion worth of crude oil in 2025, according to the Central Bank of Nigeria’s Balance of Payments report.
The report noted that crude oil imports contributed significantly to movements in the country’s current account position, even as crude oil exports declined from $36.85 billion in 2024 to $31.54 billion in 2025, a 14.41 per cent drop.
On the positive side, the refinery’s operations helped reduce Nigeria’s reliance on imported fuel, with refined petroleum product imports falling sharply to $10.00 billion in 2025 from $14.06 billion in 2024—a 28.88 per cent decline. Total oil-related imports also eased, reflecting increased local refining capacity.
However, this was offset by rising non-oil imports, which grew 13.60 per cent year-on-year from $25.74 billion to $29.24 billion, indicating continued demand for foreign goods.
The goods account remained in surplus at $14.51 billion in 2025, up from $13.17 billion in 2024, supported by significant export activity from the Dangote Refinery, which recorded $5.85 billion in refined petroleum product exports, as well as increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline was partly driven by structural shifts in oil trade flows, including crude imports for domestic refining.
The CBN report also highlighted higher external payments, with net outflows for services rising from $13.36 billion in 2024 to $14.58 billion in 2025 due to increased spending on transport, travel, insurance, and other services. Similarly, primary income outflows surged 60.88 per cent to $9.09 billion, driven by dividend and interest payments to foreign investors.
Secondary income inflows, including official development assistance and personal transfers, declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, although remittances remained an important source of inflow.
The report underscores the ongoing paradox in Nigeria’s oil sector: domestic refineries continue to import crude, totaling N5.734 trillion between January and December 2025, amid persistent feedstock shortages, despite the Federal Government’s naira-for-crude policy aimed at prioritising local supply.
