Dangote Refinery imported $3.74bn crude oil in 2025 — CBN

Central Bank of Nigeria data has shown that the Dangote Refinery imported crude oil valued at $3.74 billion in 2025, despite Nigeria’s status as a major crude-producing nation.

The figures, contained in the apex bank’s Balance of Payments report, indicated that the refinery’s crude imports contributed to shifts in the country’s current account position.

Crude oil export earnings declined to $31.54 billion in 2025 from $36.85 billion in 2024, representing a 14.41 per cent drop, further influencing the external balance.

The report noted that the refinery’s operations helped reduce Nigeria’s dependence on imported fuel, stating that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”

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Refined petroleum product imports fell to $10.00 billion in 2025 from $14.06 billion in 2024, marking a 28.88 per cent decline, while overall oil-related imports also eased.

However, non-oil imports rose to $29.24 billion from $25.74 billion, reflecting sustained demand for foreign goods.

The goods account recorded a surplus of $14.51 billion in 2025, up from $13.17 billion in 2024, supported largely by refinery-related activities and improved export performance.

According to the CBN, “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports, contributed to the stronger trade balance.

Nigeria’s current account surplus stood at $14.04 billion in 2025, down from $19.03 billion in 2024 but higher than $6.42 billion in 2023, with the decline attributed partly to structural changes in oil trade flows, including crude imports for domestic refining.

The report also showed rising external pressures, with net service outflows increasing to $14.58 billion and primary income outflows rising by 60.88 per cent to $9.09 billion, driven by higher dividend and interest payments to foreign investors.

Secondary income inflows declined slightly to $23.20 billion, although remittances remained a significant source of foreign exchange.

The data underscores ongoing structural challenges in Nigeria’s oil sector, as domestic refining expansion continues alongside persistent reliance on imported crude feedstock.