Abuja, Nigeria – Nigeria slashed its petrol import bill to $10 billion in 2025 from $14.06 billion in 2024, per Central Bank of Nigeria’s Balance of Payments report, as Dangote Refinery’s output cut fuel import dependence by 28.88% while generating $5.85 billion in refined product exports.
Okay News details CBN provisional stats showing current account surplus of $14.04 billion (down from $19.03 billion) cushioned by goods account expansion to $14.51 billion surplus from $13.17 billion, driven by natural gas gains and Dangote’s refined petroleum amid weaker crude earnings of $31.54 billion (down 14.41%).
Domestic refining revolution ends decades of crude export/import paradox, boosting self-sufficiency; non-oil imports rose 13.60% to $29.24 billion but fuel savings offset pressures as refinery hit 650,000 bpd capacity with 1.4 million bpd expansion backed by Federal Government as continental game-changer.
Q3 2025’s N1.28 trillion fuel imports and 2024’s record N15.42 trillion bill (up 105.3% on naira crash) underscore transformation; refined exports strengthen forex inflows alongside gas, positioning Nigeria as net petroleum trader versus historic importer.
Dangote’s ramp-up—surpassing India’s Jamnagar as world’s largest upon completion—heralds energy independence era, easing FX strain while fueling export-led growth amid global crude volatility from Iran war disruptions.
