Dangote Petroleum Refinery’s operations led Nigeria to import $3.74 billion worth of crude oil in 2025, a significant shift for an OPEC member that is also a major crude exporter, according to the Central Bank of Nigeria’s latest Balance of Payments report.
The data reveals a paradoxical trade flow: while the Lekki-based refinery reduced the nation’s dependency on refined fuel imports, it simultaneously created a new demand for crude oil purchases. Crude exports from Nigeria fell 14.41% year-on-year to $31.54 billion in 2025, from $36.85 billion in 2024. This decline contributed to a narrowing of the current account surplus, which fell to $14.04 billion from $19.03 billion in 2024.
The refinery’s impact was multifaceted. It directly fueled a 28.88% drop in refined petroleum product imports, which decreased to $10.00 billion from $14.06 billion. The CBN credited the refinery’s output with driving a strong goods account surplus of $14.51 billion in 2025, up from $13.17 billion, largely due to refined product exports worth $5.85 billion and higher gas exports.
However, this gain was partially offset by rising import bills in other areas. Non-oil imports grew by 13.60% to $29.24 billion, reflecting sustained consumer demand. Furthermore, net outflows in the services account increased to $14.58 billion, driven by higher spending on transport, travel, and insurance. Primary income outflows, primarily dividend and interest payments to foreign investors, surged 60.88% to $9.09 billion, applying additional pressure on the external balance.
The development highlights a structural change in Nigeria’s oil sector. Despite the federal government’s “naira-for-crude” policy aimed at ensuring domestic feedstock supply for refiners, the report noted that domestic refineries, including Dangote, still faced feedstock shortages, necessitating imports. The $3.74 billion in crude imports by the single refinery underscores the complex transition as Nigeria moves from being a net exporter of crude to a potential regional hub for refined products, reshaping its trade and current account dynamics in the process.
