Nigeria's Petrol Imports Drop to $10 Billion in 2025

Nigeria's petrol import bill fell sharply to $10 billion in 2025, representing a 28.88% decline from $14.06 billion in 2024, according to data from the Central Bank of Nigeria (CBN). This decline is largely attributed to the commencement of operations at the Dangote Petroleum Refinery on September 3, 2025, which emerged as a major domestic supplier and exporter of refined petroleum products, processing 650,000 barrels per day.

The refinery is expected to export approximately $5.85 billion worth of refined products over the year, helping to offset weaker crude oil earnings and supporting Nigeria's current account surplus. The CBN's 2025 balance of payments report indicated a good account record surplus of $14.51 billion, up from $13.17 billion in 2024, driven by higher export earnings from refined product shipments.

Despite the gains in refined products, crude oil earnings declined by 14.41% year-on-year to $31.54 billion, highlighting ongoing challenges in the upstream sector due to global price volatility.