Dangote refinery’s crude imports reshape Nigeria’s oil trade
Nigeria’s oil trade structure has shifted as the Dangote Petroleum Refinery imported $3.74bn worth of crude in 2025, despite the country being a major crude producer. The Central Bank of Nigeria (CBN) reported that these imports contributed to movements in the current account and external balances. The refinery’s activities also led to a significant export of refined petroleum products and reduced the nation’s reliance on imported fuel. However, analysts argue that the government’s naira-for-crude policy has not significantly improved domestic crude supply or reduced fuel prices.
TLDR
- Dangote Refinery imported $3.74bn worth of crude oil in 2025, marking a major shift in Nigeria’s oil trade.
- Nigeria’s current account surplus was $14.04bn in 2025, down from $19.03bn in 2024 but up from $6.42bn in 2023.
- Crude oil exports dropped from $36.85bn in 2024 to $31.54bn in 2025, a 14.41% decline.
- Refined petroleum product imports fell to $10.00bn in 2025 from $14.06bn in 2024, while non-oil imports rose to $29.24bn.
- Analysts, including Jeremiah Olatide, say the naira-for-crude policy introduced in 2024 has not effectively boosted local crude supply or lowered fuel prices.
