Nigeria imported crude oil valued at $3.74 billion linked to the operations of the Dangote Petroleum Refinery in 2025, according to the Central Bank of Nigeria’s (CBN) Balance of Payments report for the year.
The figure, disclosed in the CBN’s annual external sector statistics released on March 19, 2026, highlights the refinery’s continued reliance on foreign feedstock despite Nigeria’s position as a major crude oil producer. The data showed that “crude oil imports of $3.74bn by Dangote Refinery” contributed to shifts in the current account position during the period.
Overall, Nigeria recorded a current account surplus of $14.04 billion in 2025, down from $19.03 billion in 2024 but significantly higher than the $6.42 billion posted in 2023. The decline was partly driven by a 14.41% drop in crude oil exports from $36.85 billion to $31.54 billion combined with structural changes in oil trade flows.
Despite the export contraction, the goods account maintained a surplus of $14.51 billion in 2025, up from $13.17 billion the previous year. This improvement was supported by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery” and increased gas exports to regional markets.
The refinery’s operations also delivered a notable reduction in fuel imports. Refined petroleum product imports fell sharply by 28.88% to $10.00 billion from $14.06 billion in 2024, while total oil-related imports eased. However, non-oil imports rose 13.60% to $29.24 billion, reflecting sustained demand for foreign goods.
The primary income account deficit widened by 60.88% to $9.09 billion due to higher dividend and interest payments to foreign investors. Net outflows in the services account increased to $14.58 billion from $13.36 billion, driven by greater spending on transport, travel, insurance, and other services. Secondary income inflows, mainly remittances, declined slightly to $23.20 billion from $24.88 billion.
On the financial account, Nigeria shifted to a net borrowing position of $1.69 billion in 2025, compared with a net lending position of $9.65 billion in 2024. Portfolio investment inflows dropped 48.3% to $8.04 billion, while foreign direct investment inflows rose to $4.01 billion from $1.61 billion, indicating some improvement in longer-term capital commitments.
External reserves increased 13.83% year-on-year to $45.75 billion by December 2025, providing a stronger buffer against external shocks.
The refinery’s crude imports come despite the Federal Government’s naira-for-crude policy, introduced in 2024 to prioritise domestic supply to local refineries. Petroleumprice.ng CEO Jeremiah Olatide described the policy as largely ineffective, noting that Dangote Refinery sourced 65–70% of its feedstock from abroad, while modular refineries relied on imported crude for about 95% of their needs.
He stated: “The naira-for-crude initiative has not yielded reasonable output. The only difference now is that we no longer have supply fears—there is availability of products—but in terms of pricing, it has not translated into lower prices at the depot or pump.”
The persistent import of crude by domestic refineries underscores ongoing challenges in feedstock supply, pricing mechanisms, and the effectiveness of policies aimed at reducing Nigeria’s reliance on imported petroleum products.
