Dangote Petroleum Refinery imported crude oil valued at $3.74 billion in 2025, according to data from the Central Bank of Nigeria (CBN), highlighting ongoing supply gaps in Nigeria’s domestic crude allocation framework.
The figure, contained in the CBN’s Balance of Payments report, shows that crude imports by the refinery contributed significantly to movements in Nigeria’s external account during the year under review.
This development comes in spite of the Federal Government’s naira-for-crude policy, which was introduced to prioritise local crude supply to domestic refineries and reduce dependence on foreign exchange.
Data from the report indicates that Nigeria’s crude oil export earnings declined to $31.54 billion in 2025, down from $36.85 billion in 2024, reflecting a drop of about 14.41 percent. The shift in trade dynamics was partly influenced by increased crude imports for local refining.
At the same time, the refinery’s operations contributed to a reduction in fuel importation. Imports of refined petroleum products fell to $10.00 billion in 2025, compared to $14.06 billion in 2024, representing a decline of approximately 28.88 percent.
The report also showed that total oil-related imports moderated during the period, although this was offset by increased demand for non-oil goods. Non-oil imports rose to $29.24 billion, up from $25.74 billion in the previous year.
Despite these pressures, Nigeria recorded a goods trade surplus of $14.51 billion in 2025, an increase from $13.17 billion in 2024, supported by improved export performance and activities linked to the Dangote refinery.
A key contributor to this was the export of refined petroleum products from the facility, which stood at $5.85 billion, alongside stronger gas export volumes.
Overall, 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 the $6.42 billion reported in 2023. The moderation was attributed to structural shifts in oil trade flows, including increased crude imports for domestic processing.
Further pressure on the external account came from rising service-related outflows, which increased to $14.58 billion, driven by higher spending on transportation, travel, and insurance.
In addition, net outflows under the primary income account rose sharply by 60.88 percent to $9.09 billion, largely due to increased dividend payments and returns to foreign investors.
Secondary income inflows, including remittances and official transfers, declined slightly to $23.20 billion, compared to $24.88 billion in 2024.
The data underscores a growing paradox in Nigeria’s oil sector, where the country continues to import significant volumes of crude oil for domestic refining despite being a major crude producer, pointing to persistent challenges in aligning upstream production with local refining demand.