Business Briefings
Dangote refinery imports $3.74bn crude, boosts exports — CBN
The Central Bank of Nigeria has disclosed that the Dangote Refinery imported $3.74 billion worth of crude oil in 2025 to support its operations.
According to the apex bank, “crude oil imports of $3.74 billion by Dangote Refinery” influenced movements in Nigeria’s external balance, reflecting a shift towards domestic refining supported by both local and foreign crude supplies.
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Nigeria recorded a current account surplus of $14.04 billion in 2025, down from $19.03 billion in 2024 but higher than $6.42 billion in 2023.
The decline was partly driven by a drop in crude oil export earnings, which fell by 14.41 per cent to $31.54 billion from $36.85 billion.
However, the goods account strengthened to a surplus of $14.51 billion, supported by improved trade performance and refinery-related activities.
The CBN noted that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports,” with imports falling to $10.00 billion from $14.06 billion, representing a 28.88 per cent reduction.
Non-oil imports, however, rose by 13.60 per cent to $29.24 billion, indicating sustained demand for foreign goods.
The refinery also contributed to export growth, with the apex bank stating that “significant export of refined petroleum products worth $5.85 billion by Dangote Refinery” supported the country’s external balance.
Despite these gains, external pressures persisted. Net service outflows rose to $14.58 billion, while primary income outflows increased sharply by 60.88 per cent to $9.09 billion, driven by higher dividend repatriation and interest payments.
On the financial account, Nigeria recorded a net borrowing position of $1.69 billion, compared to a net lending position of $9.65 billion in 2024. Portfolio investment inflows declined by 48.3 per cent to $8.04 billion, while foreign direct investment rose to $4.01 billion.
Overall, the balance of payments remained positive at $4.23 billion, though lower than $6.83 billion recorded in the previous year, while external reserves increased to $45.75 billion, strengthening the country’s external buffers.
