Nigeria’s oil sector saw a major shift in 2025 as crude imports tied to the Dangote Refinery reached $3.74 billion, a surprising development for a nation traditionally known as a crude exporter.
The figure was reported in the latest Balance of Payments statement from the country’s central bank, which identified the refinery’s crude acquisitions as a key factor influencing the nation’s current account position.
According to the report, Nigeria recorded a current account surplus of $14.04 billion in 2025.
Although this represents a decline from the $19.03 billion surplus posted in 2024, it still marks a significant improvement over the $6.42 billion surplus recorded in 2023.
The decrease from the previous year was partly linked to changing trade patterns in the oil sector, especially the importation of crude for domestic refining at the world’s largest single-train refinery.
Export figures reflect this adjustment, with crude shipments dropping to $31.54 billion in 2025 from $36.85 billion in 2024, a 14 percent reduction.
Despite the decline, Nigeria’s goods account improved, posting a surplus of $14.51 billion compared to $13.17 billion in 2024.
This improvement was largely driven by activities associated with the Dangote refinery and stronger performance in other export sectors, as noted by Punch.
Refined petroleum products were a standout contributor, generating $5.85 billion for the year, while increased gas exports also supported a stronger trade position.
At the same time, the refinery’s operations appear to be transforming Nigeria’s import profile. With more refined fuel produced locally, reliance on imported petroleum products has dropped sharply.
Fuel imports fell to $10 billion in 2025 from $14.06 billion in 2024, marking nearly a 29 percent reduction.
However, this decline was partially offset by a rise in non-oil imports, which increased to $29.24 billion from $25.74 billion the previous year, reflecting ongoing demand for foreign goods.
The central bank report also noted higher investment outflows, as Nigerians increased their holdings in both direct and portfolio investments abroad over the year.
Overall, Nigeria maintained a favorable balance of payments, with a surplus of $4.23 billion in 2025. While lower than the $6.83 billion recorded in 2024, it still indicates a relatively stable external position.
Meanwhile, the country’s foreign reserves rose to $45.75 billion by the end of December 2025, representing a 13.83 percent increase year-on-year, supported by stronger inflows and enhanced external buffers.