Abuja, Nigeria – Nigeria imported $3.74 billion worth of crude oil in 2025 for processing at the Dangote Petroleum Refinery, marking a pivotal shift in oil trade dynamics as local refining ramps up, per the Central Bank of Nigeria’s Balance of Payments report.
Okay News reports the CBN data showing this fueled a current account surplus of $14.04 billion for 2025—down from $19.03 billion in 2024 but up from $6.42 billion in 2023—with crude exports dropping 14.41% to $31.54 billion, yet goods surplus strengthening to $14.51 billion thanks to $5.85 billion in refined product exports from Dangote.
Fuel imports plunged 28.88% to $10 billion from $14.06 billion as refinery output cut reliance, though non-oil imports rose 13.60% to $29.24 billion; service outflows hit $14.58 billion, primary income deficits surged 60.88% to $9.09 billion, and secondary inflows dipped to $23.20 billion.
Financial account saw net borrowing of $1.69 billion, portfolio inflows down 48.3% to $8.04 billion but FDI up to $4.01 billion; overall BoP surplus narrowed to $4.23 billion from $6.83 billion, with reserves climbing 13.83% to $45.75 billion by year-end.
Dangote’s rise positions Nigeria as a refined exporter amid export moderation, balancing forex pressures from dividends and services while bolstering energy self-sufficiency.
