With crude imports associated with the Dangote Refinery exceeding $3.74 billion in 2025—an unexpected development for a nation known for its crude exports—Nigeria’s oil trade dynamics drastically changed.
The central bank of the West African nation included this information in its most recent Balance of Payments report, citing the refinery’s acquisitions of crude oil as a major factor affecting the country’s current account.
Nigeria had a $14.04 billion current account surplus in 2025, according to the research.
Although this is less than the $19.03 billion reported in 2024, it is still a significant improvement from the $6.42 billion surplus in 2023.
Changes in oil trading patterns, specifically the importation of crude for domestic processing associated with the largest single-train refinery in the world, were partially blamed for the decrease from the previous year.
This shift is reflected in export figures, which show a 14% drop in crude oil shipments from $36.85 billion in 2024 to $31.54 billion in 2025.
Nigeria’s goods account increased in spite of this decline, reaching a surplus of $14.51 billion from $13.17 billion in 2024.
Activities pertaining to the Dangote refinery and enhanced performance in other export domains, as demonstrated by the Punch, were the main drivers of this increase.
With $5.85 billion in revenue for the year, the export of refined petroleum products was a significant highlight. The better trade position was also aided by increased gas exports.
Nigeria’s import profile appears to be shifting concurrently with the refinery’s activities. The nation’s reliance on imported petroleum products has significantly diminished due to the availability of more domestically refined fuel.
Fuel imports dropped sharply to $10 billion in 2025 from $14.06 billion the previous year, a nearly 29% decline.
Nonetheless, a rise in non-oil imports, which increased to $29.24 billion from $25.74 billion in 2024, somewhat compensated this growth and demonstrated the continued desire for foreign goods.
The central bank’s report also highlighted an increase in investment outflows, as Nigerians increased their holdings in both direct and portfolio investments abroad during the past year.
Overall, Nigeria’s balance of payments remained strong, with a $4.23 billion surplus in 2025. Though this figure is lower than the $6.83 billion reported for 2024, it still shows a rather stable external position.
Meanwhile, the country’s external reserves increased, reaching $45.75 billion at the end of December 2025. This represents a 13.83 percent increase year on year, helped by higher inflows and greater external buffers.