Nigeria recorded crude oil imports worth $3.74 billion linked to operations of the Dangote Petroleum Refinery in 2025, highlighting a major shift in the country’s oil trade structure despite its status as a crude producer.
This was disclosed in the Central Bank of Nigeria’s Balance of Payments report, which showed that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position.
The report noted that 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 $6.42bn in 2023.
The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining. Data in the report showed that crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.88 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.60 per cent year-on-year, reflecting sustained demand for foreign goods.
Further pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09bn, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow.
On the financial account side, Nigeria recorded a reversal, posting a net borrowing position of $1.69 billion in 2025 compared to a net lending position of $9.65 billion in 2024.
The PUNCH