Nigeria's Oil Import FX Demand Soars 115% in 2025

In 2025, Nigeria's foreign exchange demand for oil-sector imports increased by 114.91%, amounting to $4.86 billion, as detailed in the Central Bank of Nigeria's 2025 Annual Report and Statement of Accounts. This rise indicates a persistent reliance on imported petroleum products, despite local production and refining efforts.

The report revealed that petroleum-related imports accounted for 25.91% of total foreign exchange utilization among visible imports, which collectively reached $18.76 billion, a 43.80% increase from 2024. The overall foreign exchange utilization across the economy rose by 59.36% to $42.83 billion, driven by higher demand for invisible imports and increased transactions.

The report also noted that industrial imports were the largest consumers of foreign exchange, followed by the oil sector. Despite the increase in oil sector imports, some sectors experienced a decline in foreign exchange utilization, including the industrial sector, which decreased by 0.76% to $7.90 billion.