Nigeria recorded crude oil imports worth $3.74 billion linked to operations of the Dangote Petroleum Refinery in 2025, highlighting a major shift in the country’s oil trade structure despite its status as a crude producer.
This was disclosed in the Central Bank of Nigeria’s Balance of Payments report, which showed that “Crude oil imports of $3.74bn by Dangote Refinery” contributed to movements in the country’s current account position.
The report noted that Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023.
The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining. Data in the report showed that crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85 billion by Dangote Refinery,” alongside increased gas exports to other economies.
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