Nigeria Records $3.74bn Crude Imports Linked to Dangote Refinery Operations
- Nigeria imported $3.74bn worth of crude oil in 2025 to support Dangote refinery operations
- Nigeria recorded a $14.04bn current account surplus, lower than 2024 but higher than 2023
- Non-oil imports and external payment obligations increased, putting pressure on the current account
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Nigeria imported crude oil worth $3.74bn in 2025 to support operations of the Dangote Petroleum Refinery, according to data from the Central Bank of Nigeria.
Source: Getty Images
The figure was disclosed in the apex bank’s Balance of Payments report, which noted that the crude imports contributed to shifts in Nigeria’s current account position during the year, PUNCH reported.
Current account surplus declines
The report showed that Nigeria recorded a current account surplus of $14.04bn in 2025. This represents a decline from $19.03bn in 2024, but an improvement compared to $6.42bn in 2023.
According to the CBN, the drop from 2024 levels was partly due to structural changes in the oil trade, including increased crude imports for domestic refining.
Crude oil exports also declined to $31.54bn in 2025 from $36.85bn in the previous year, further influencing the country’s external balance.
Refinery boosts exports, cuts fuel imports
Despite the rise in crude imports, Nigeria’s goods account remained in surplus at $14.51bn, up from $13.17bn in 2024.
The CBN attributed this improvement largely to activities linked to the Dangote refinery, including exports of refined petroleum products valued at $5.85bn, alongside increased gas exports.
The report also highlighted a reduction in fuel imports, driven by local refining output. Refined petroleum product imports dropped significantly to $10.00bn in 2025 from $14.06bn in 2024.
Rising non-oil imports and external payments
Data from the report showed that non-oil imports rose to $29.24bn in 2025 from $25.74bn in 2024, reflecting sustained demand for foreign goods.
At the same time, Nigeria recorded higher external payments. Net outflows for services increased to $14.58bn from $13.36bn, driven by spending on transport, travel, and insurance.
Net outflows in the primary income account also rose sharply by 60.88 per cent to $9.09bn, largely due to increased dividend and interest payments to foreign investors.
Meanwhile, secondary income inflows declined slightly to $23.20bn from $24.88bn, although remittances continued to provide support.
Financial account records reversal
On the financial account, Nigeria posted a net borrowing position of $1.69bn in 2025, compared to a net lending position of $9.65bn in 2024.
Portfolio investment inflows fell by 48.3 per cent to $8.04bn, while foreign direct investment rose to $4.01bn from $1.61bn, indicating a gradual shift towards longer-term investments.
The report also noted increased investment outflows by Nigerians abroad during the year.
External reserves rise despite pressures
Overall, Nigeria’s balance of payments remained positive at $4.23bn in 2025, although lower than the $6.83bn recorded in 2024.
External reserves increased to $45.75bn at the end of December 2025, representing a 13.83 per cent rise compared to the previous year.
Source: UGC
Analysts question policy impact
Earlier reports indicated that Nigeria imported crude oil worth N5.734tn in 2025, despite efforts to prioritise local supply under the federal government’s naira-for-crude policy.
Industry analysts have raised concerns about the effectiveness of the policy, noting continued reliance on imported crude by local refineries.
The Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said the policy has had a limited impact since its introduction in 2024.
He stated that the Dangote refinery still sources a significant portion of its feedstock from abroad, while most modular refineries also depend on imported crude.
According to him, although local refining has improved product availability, it has not significantly reduced fuel prices, as pricing remains tied to international benchmarks.
Dangote Refinery explains why fuel prices may remain high
Legit.ng earlier reported that the managing director and chief executive officer of Dangote Petroleum Refinery, David Bird, said petrol prices may not decline even as the refinery operates at full capacity, citing volatility in global oil markets and rising supply chain costs.
Bird explained that the refinery operates within the international commodities market, which directly influences the cost of crude oil and refined products.
According to him, the refinery purchases crude oil at global benchmark prices, including crude sourced locally under the crude-for-naira programme.
Source: Legit.ng
