Nigeria’s petrol import bill fell to $10 billion in 2025, down from $14.06 billion in 2024, signaling a growing reliance on domestic refining and a shift toward export-led growth, according to the latest Balance of Payments (BOP) report by the Central Bank of Nigeria (CBN).
The decline is largely attributed to increased use of locally refined petroleum products, particularly from the newly operational Dangote Refinery, which is reshaping Nigeria’s energy trade balance. Refined petroleum exports from the refinery contributed $5.85 billion to export earnings, reducing the need for costly fuel imports.
The CBN reported that the goods account, the main component of the current account, remained in surplus at $14.51 billion in 2025, up from $13.17 billion in 2024. Provisional BOP statistics show a current account surplus of $14.04 billion, slightly down from $19.03 billion in 2024, a decline attributed to weaker crude oil earnings amid global market fluctuations.
Natural gas exports also increased significantly, boosting foreign exchange inflows. The data highlight a structural shift in Nigeria’s energy sector, with domestic refining helping to reduce import dependence while generating export revenue.
In December 2025, Nigeria spent N1.28 trillion on fuel imports in the third quarter, compared with N15.42 trillion in 2024, when import costs surged 105.3% due to a 40.9% depreciation of the naira.
Dangote Refinery has announced plans to expand production from 650,000 barrels per day to 1.4 million barrels per day, which will make it the largest refinery in the world, surpassing India’s Jamnagar Refinery. The Federal Government has expressed full support for the expansion, calling it a “game-changer” for Nigeria, West Africa, and the continent at large.
