By Ayomide Otitoju
Dangote Petroleum Refinery imported crude oil worth $3.74 billion in 2025, according to the latest Balance of Payments report released by the Central Bank of Nigeria (CBN), highlighting ongoing structural changes in the country’s oil sector.
The CBN noted that the refinery’s crude imports contributed to movements in Nigeria’s current account position, despite the country’s status as a crude oil producer.
During the period, crude oil export earnings declined to $31.54 billion in 2025 from $36.85 billion in 2024, representing a 14.41 per cent drop. The development reflects shifting trade dynamics, including increased domestic refining activity.
The report, however, indicated that the operations of the Dangote refinery helped reduce Nigeria’s dependence on imported refined petroleum products. Imports of refined fuel fell significantly to $10.00 billion in 2025 from $14.06 billion in 2024, a 28.88 per cent decrease.
Total oil-related imports also moderated, although this was offset by a rise in non-oil imports, which increased by 13.60 per cent year-on-year to $29.24 billion, driven by sustained demand for foreign goods.
Nigeria’s goods account remained in surplus at $14.51 billion in 2025, up from $13.17 billion in 2024. The CBN attributed this to improved export performance, including $5.85 billion worth of refined petroleum product exports by the Dangote refinery, alongside increased gas exports.
Overall, Nigeria recorded a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion posted in 2024 but significantly higher than $6.42 billion in 2023. The decline from the previous year was partly linked to evolving oil trade flows, including crude imports for domestic refining.
The report also highlighted rising external payment pressures. Net outflows for services rose to $14.58 billion from $13.36 billion in 2024, driven by higher spending on transport, travel, and insurance. Primary income outflows increased sharply by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
Meanwhile, secondary income inflows declined slightly to $23.20 billion from $24.88 billion in 2024, although remittances remained a key source of foreign exchange.
In naira terms, Nigeria imported crude oil worth ₦5.73 trillion between January and December 2025, underscoring persistent feedstock challenges facing domestic refineries despite the Federal Government’s policy aimed at prioritising local crude supply.
