Nigeria imported crude oil valued at N5.734tn between January and December 2025, despite being Africa’s largest crude producer, as local refineries faced ongoing challenges in accessing feedstock.
This development occurred alongside the Federal Government’s naira-for-crude policy, which was introduced to support domestic refining by prioritising local supply.
Data from the National Bureau of Statistics (NBS) showed that the country recorded no crude oil imports in 2024, indicating a sharp year-on-year increase in 2025.
During the same period, Nigeria produced 530.41 million barrels of crude oil and generated about N55.5tn in revenue, pointing to a gap between production levels and supply to local refineries.
The NBS Foreign Trade in Goods Statistics report listed crude oil among the country’s major import items in 2025, reflecting the need for refineries to source feedstock externally.
Quarterly data showed that crude imports stood at N1.19tn in the first quarter, rising to N1.64tn in the second quarter and N2.403tn in the third quarter. Imports declined to N499.75bn in the fourth quarter.
Monthly figures indicated fluctuations in import volumes. Imports were valued at N335.69bn in January and increased to N445.27bn in February before dropping to N407.29bn in March. April recorded N335.31bn, while May rose to N724.23bn. Imports declined to N582.94bn in June and peaked at N1.28tn in July.
Subsequent months showed a downward trend, with imports at N619.24bn in August, N499.41bn in September, and N407.08bn in October. The figures dropped to N92.67bn in November, with no imports recorded in December.
Industry stakeholders say the trend reflects ongoing difficulties in securing adequate domestic crude supply for refining operations.
Local refineries, including modular plants and large-scale facilities such as the Dangote Refinery, have increasingly relied on imports to sustain production.
The Crude Oil Refinery-owners Association of Nigeria (CORAN) attributed the situation to limited access to crude under existing supply frameworks.
According to CORAN’s Publicity Secretary, Eche Idoko, some refineries have not received allocations under the Domestic Crude Oil Supply Obligation or other arrangements for extended periods.
He noted that several modular refineries operate below capacity or shut down intermittently due to inadequate feedstock supply.
Operators also cited pricing structures, foreign exchange requirements, and market conditions as factors influencing sourcing decisions.
The Dangote Petroleum Refinery & Petrochemicals stated that it receives about five cargoes of crude monthly under the naira-for-crude arrangement, compared to an estimated requirement of 13 cargoes.
The refinery said the shortfall is sourced from other suppliers, with purchases made at international market rates, requiring foreign exchange.
Industry analysts noted that international oil companies often prioritise exports due to commercial considerations, including pricing advantages and existing contractual obligations.
They added that issues related to pricing benchmarks, currency risks, and regulatory conditions continue to affect domestic crude supply arrangements.
Overall, the data highlights ongoing challenges in aligning crude oil production with the needs of local refining operations, despite policy efforts aimed at strengthening domestic supply.
