Dangote imported $3.74bn crude in 2025 – CBN

Nigeria recorded crude oil imports value $3.74bn linked to operations of the Dangote Petroleum Refinery in 2025, highlighting a significant shift within the nation’s oil commerce construction regardless of its standing as a crude producer.

This was disclosed within the Central Bank of Nigeria’s Stability of Funds report, which confirmed that “Crude oil imports of $3.74bn by Dangote Refinery” contributed to actions within the nation’s present account place.

The report famous that Nigeria posted a present account surplus of $14.04bn in 2025, decrease than the $19.03bn recorded in 2024 however considerably greater than $6.42bn in 2023.

The decline from 2024 was pushed partly by structural modifications in oil commerce flows, together with crude imports for home refining. Knowledge within the report confirmed that crude oil exports dropped from $36.85bn in 2024 to $31.54bn in 2025, representing a 14.41 per cent decline, additional shaping the exterior steadiness.

On the identical time, the products account remained in surplus at $14.51bn in 2025, rising from $13.17bn in 2024, supported largely by actions linked to the Dangote refinery and improved export efficiency in different segments.

The CBN acknowledged that the stronger items steadiness was pushed by “important export of refined petroleum merchandise value $5.85bn by Dangote Refinery,” alongside elevated gasoline exports to different economies.

The report added that the refinery’s operations additionally lowered Nigeria’s reliance on imported gasoline, noting that “availability of refined petroleum merchandise from Dangote Refinery additionally led to a considerable decline in gasoline imports.”

Particularly, refined petroleum product imports fell sharply to $10.00bn in 2025 from $14.06bn in 2024, representing a 28.88 per cent decline, whereas whole oil-related imports additionally eased.

Nonetheless, this was offset by an increase in non-oil imports, which elevated from $25.74bn to $29.24bn, up 13.60 per cent year-on-year, reflecting sustained demand for international items.

Additional strain on the present account got here from greater exterior funds. Internet outflows for providers rose from $13.36bn in 2024 to $14.58bn in 2025, pushed by elevated spending on transport, journey, insurance coverage, and different providers.

Equally, web outflows within the major revenue account surged by 60.88 per cent to $9.09bn, largely resulting from greater dividend and curiosity funds to international buyers.

In distinction, secondary revenue inflows declined barely from $24.88bn in 2024 to $23.20bn in 2025, as official improvement help and private transfers weakened, though remittances remained a key supply of influx.

On the monetary account facet, Nigeria recorded a reversal, posting a web borrowing place of $1.69bn in 2025 in comparison with a web lending place of $9.65bn in 2024.

Portfolio funding inflows fell sharply by 48.3 per cent to $8.04bn, whereas international direct funding inflows rose to $4.01bn from $1.61bn within the earlier yr, indicating a gradual shift in the direction of longer-term capital.

The report additionally confirmed elevated funding outflows by Nigerians overseas, with direct and portfolio funding property rising considerably through the yr.

Regardless of pressures throughout elements, Nigeria’s general steadiness of funds remained constructive at $4.23bn in 2025, although decrease than the $6.83bn surplus recorded in 2024.

Exterior reserves rose to $45.75bn on the finish of December 2025, reflecting a 13.83 per cent improve in comparison with 2024 ranges, supported by inflows and improved exterior buffers.

The PidomNigeria earlier reported that regardless of its standing as Africa’s largest crude oil producer, Nigeria imported crude oil value a staggering N5.734tn between January and December 2025 as home refineries grappled with persistent feedstock shortages, exposing a deepening provide paradox within the nation’s oil sector.

This comes regardless of the Federal Authorities’s much-publicised naira-for-crude coverage designed to prioritise native provide.

Power analysts earlier faulted the implementation of the Federal Authorities’s naira-for-crude coverage, arguing that it has didn’t considerably enhance home crude provide or scale back gasoline costs.

The Chief Govt Officer of Petroleumprice.ng, Jeremiah Olatide, mentioned the coverage has delivered little influence since its introduction in 2024, as most refineries proceed to rely closely on imported crude.

He mentioned, “For me, the naira-for-crude coverage that was initiated in 2024 has not yielded any cheap output as a result of the Dangote refinery nonetheless sources about 65 to 70 per cent of its feedstock from overseas, whereas about 95 per cent of modular refineries additionally supply their crude outdoors the naira-for-crude initiative.

“So, the initiative, for me, is just not efficient, and that’s the reason we’re nonetheless seeing a big influx and importation of crude oil in 2025. In flip, costs on the depot and pump haven’t been totally different from after we had been totally importing refined merchandise.”

He famous that whereas the approaching on stream of large-scale refining capability has improved product availability, it has not translated into worth aid for customers.

“The one distinction now could be that we now not have provide fears; there’s availability of merchandise. However by way of pricing, I might say the naira-for-crude coverage has not translated into decrease costs on the depot or pump,” he added.

Jeremiah attributed this to the continued reliance on worldwide pricing benchmarks, even for regionally provided crude.