Nigeria imported $3.74 billion worth of crude oil in 2025 for processing at the Dangote Petroleum Refinery, highlighting a shift in the country’s oil trade pattern as domestic refining capacity grows.

This was revealed in the Central Bank of Nigeria’s 2025 Balance of Payments report, which noted that “crude oil imports of $3.74 billion by Dangote Refinery” played a role in shaping the country’s external position.

The trend underscores Nigeria’s transition toward local refining of petroleum products, even as refineries increasingly rely on foreign crude supplies to maintain operations.

According to the report, Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but higher than $6.42 billion in 2023.

The decline was partly attributed to reduced crude oil export earnings, which fell by 14.41 per cent to $31.54 billion in 2025, down from $36.85 billion in 2024.

However, the goods account showed stronger performance, with its surplus rising to $14.51 billion in 2025 from $13.17 billion in the previous year, driven by improved trade activity.

“The CBN noted that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”

Data indicates that refined petroleum imports dropped significantly to $10.00 billion in 2025, down from $14.06 billion in 2024, marking a 28.88% year-on-year decline.

The report underscored a strong contribution from refined petroleum exports, as the refinery began supplying global markets.

According to the CBN, “significant export of refined petroleum products worth $5.85 billion by Dangote Refinery” bolstered Nigeria’s external position and strengthened the goods account surplus.

Beyond refined products, gas exports to other economies also increased, further lifting export earnings during the period.

However, rising external obligations continued to weigh on the balance.

Net service outflows grew to $14.58 billion from $13.36 billion in 2024, driven by higher spending on transport, travel, and insurance.

Likewise, net outflows under the primary income account jumped by 60.88 per cent to $9.09 billion, mainly due to increased dividend repatriation and interest payments to foreign investors.