Nigeria's Crude Oil Imports Surge 309% to $1.39 Billion

In the first quarter of 2026, Nigeria's crude oil imports rose to $1.39 billion, marking a 309% increase from the previous quarter's $340 million. This significant shift in the country's petroleum trade dynamics is attributed to the expanding capacity of local refineries, especially the Dangote Petroleum Refinery, which has been increasingly sourcing feedstock from the international market.

Despite Nigeria being Africa's largest crude oil producer, the Central Bank of Nigeria's balance of payments report indicates that crude oil imports accounted for 81.8% of the nation's total imports. Conversely, imports of refined petroleum products fell by 87.5% to $310 million in Q1 2026, reflecting a growing reliance on domestically refined products.

The report also noted that Nigeria's current account surplus rose to $4.98 billion in Q1 2026, up from $1.40 billion in the previous quarter, supported by higher crude oil export earnings and lower imports of refined products.