Nigeria imported crude oil worth $3.74 billion in 2025 to supply the Dangote Petroleum Refinery, marking a significant shift in the country’s oil trade structure as domestic refining capacity continues to expand.
This was disclosed in the 2025 Balance of Payments report released by the Central Bank of Nigeria, which noted that “crude oil imports of $3.74 billion by Dangote Refinery” influenced movements in the nation’s external position.
The development underscores Nigeria’s transition towards local refining of petroleum products, even as the refinery increasingly sources crude from foreign suppliers to sustain operations.
According to the report, Nigeria recorded a current account surplus of $14.04 billion in 2025, down from $19.03 billion in 2024 but higher than $6.42 billion in 2023. The moderation was partly attributed to a 14.41 per cent decline in crude oil export earnings, which fell to $31.54 billion from $36.85 billion in 2024.
Despite the drop in crude export receipts, the goods account improved, posting a surplus of $14.51 billion in 2025 compared to $13.17 billion in the previous year, supported by stronger trade performance.
Domestic refining contributed significantly to reducing Nigeria’s dependence on imported fuel. The apex bank stated that the availability of refined petroleum products from the Dangote refinery led to a substantial decline in fuel imports.
Data from the report showed that refined petroleum imports dropped sharply by 28.88 per cent to $10.00 billion in 2025 from $14.06 billion in 2024.
However, non-oil imports rose by 13.60 per cent to $29.24 billion, up from $25.74 billion in 2024, reflecting sustained demand for foreign goods.
The report also highlighted the refinery’s growing export footprint, revealing that it exported refined petroleum products worth $5.85 billion during the year, strengthening Nigeria’s goods account surplus. Gas exports to other economies also recorded growth, further boosting export earnings.
On the downside, external obligations exerted pressure on the economy. Net service outflows increased to $14.58 billion from $13.36 billion in 2024, driven by higher spending on transport, travel and insurance services.
Net outflows under the primary income account rose by 60.88 per cent to $9.09 billion, largely due to increased dividend repatriation and interest payments to foreign investors. Secondary income inflows declined slightly to $23.20 billion from $24.88 billion, reflecting weaker official transfers and diaspora inflows, although remittances remained a key support.
On the financial account, Nigeria recorded 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 fell by 48.3 per cent to $8.04 billion, while foreign direct investment rose to $4.01 billion from $1.61 billion, indicating a gradual shift toward more stable capital inflows.
The report also showed increased overseas investments by Nigerians, with both direct and portfolio investment assets rising during the year.
Overall, Nigeria’s balance of payments remained positive at $4.23 billion in 2025, though lower than the $6.83 billion recorded in 2024. External reserves climbed to $45.75 billion at the end of December 2025, representing a 13.83 per cent year-on-year increase, supported by improved inflows and stronger external buffers.
