Nigeria recorded crude oil imports valued at $3.74bn in 2025 linked to the operations of the Dangote Petroleum Refinery & Petrochemicals, reflecting a shift in the country’s oil trade dynamics despite its position as a major crude producer.
This was disclosed in the Central Bank of Nigeria’s Balance of Payments report, which attributed the imports to refinery operations and their impact on the country’s external accounts.
According to the report, Nigeria posted a current account surplus of $14.04bn in 2025, down from $19.03bn in 2024 but higher than $6.42bn recorded in 2023. The decline from the previous year was partly linked to changes in oil trade flows, including crude imports for domestic refining.
Crude oil exports also fell from $36.85bn in 2024 to $31.54bn in 2025, representing a decline of 14.41 per cent, further influencing the country’s external balance.
However, the goods account remained in surplus at $14.51bn in 2025, compared to $13.17bn in 2024. The Central Bank of Nigeria attributed this to increased export activity, including refined petroleum products valued at $5.85bn from the Dangote refinery, as well as improved gas exports.
The report noted that the availability of locally refined petroleum products contributed to a reduction in fuel imports. Refined petroleum product imports dropped to $10bn in 2025 from $14.06bn in 2024, representing a decline of 28.88 per cent.
Despite this improvement, non-oil imports rose from $25.74bn to $29.24bn, reflecting sustained demand for foreign goods.
Other components of the current account also recorded increased outflows. Net services payments rose to $14.58bn in 2025 from $13.36bn in 2024, driven by higher spending on transport, travel, and insurance services.
Similarly, net outflows in the primary income account increased by 60.88 per cent to $9.09bn, largely due to higher dividend and interest payments to foreign investors.
Secondary income inflows declined slightly to $23.20bn from $24.88bn in the previous year, although remittances continued to provide support.
On the financial account, Nigeria recorded a net borrowing position of $1.69bn in 2025, compared to a net lending position of $9.65bn in 2024. Portfolio investment inflows declined by 48.3 per cent to $8.04bn, while foreign direct investment rose to $4.01bn from $1.61bn, indicating a shift towards longer-term capital inflows.
The report also showed increased investment outflows by Nigerians, with both direct and portfolio investment assets rising during the year.
Overall, Nigeria’s balance of payments remained positive at $4.23bn in 2025, though lower than the $6.83bn surplus recorded in 2024. External reserves increased to $45.75bn at the end of December 2025, up by 13.83 per cent year-on-year.
Earlier reports indicated that Nigeria imported crude oil worth N5.734tn in 2025 as domestic refineries faced challenges in securing feedstock, despite policy efforts aimed at boosting local supply.
Industry analysts have raised concerns about the effectiveness of the Federal Government’s naira-for-crude policy, noting that many refineries continue to rely on imported crude.
The Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said the policy has had limited impact since its introduction, as a significant share of refinery feedstock is still sourced externally.
He noted that while the expansion of refining capacity has improved product availability, it has not significantly reduced fuel prices, with pricing still largely influenced by international market benchmarks.
