Nigeria crude imports worth N5.734tn in 2025, despite being Africa’s largest producer and the Federal Government’s push to prioritise local supply through its naira-for-crude policy, according to data from the National Bureau of Statistics.
The figures highlight a widening gap between the country’s strong crude production and the inability of domestic refineries to secure sufficient feedstock locally. Within the same period, Nigeria produced about 530.41 million barrels of crude and generated roughly N55.5tn in revenue.
The NBS Foreign Trade in Goods Statistics report, obtained and analysed by ENigeria Newspaper, showed that crude imports, classified under “Petroleum oils and oils obtained from bituminous minerals, crude”, emerged as a major import category in 2025, marking a sharp contrast from 2024 when no crude imports were recorded.
Quarterly data reveals a steady rise in imports through most of the year. Nigeria spent N1.19tn in the first quarter, which rose by 37.8 per cent to N1.64tn in the second quarter, before climbing further by 46.5 per cent to N2.403tn in the third quarter. Imports, however, fell sharply by about 79.2 per cent to N499.75bn in the fourth quarter.
Monthly figures reflected similar volatility. Imports stood at N335.69bn in January and increased to N445.27bn in February, before easing slightly to N407.29bn in March. After dipping again in April, the figure surged by 116 per cent to N724.23bn in May.
June recorded a decline to N582.94bn, but imports spiked dramatically to a peak of N1.28tn in July. This was followed by a drop to N619.24bn in August and continued declines through September and October. By November, imports had plunged to N92.67bn, before falling to zero in December, suggesting some late-year easing in supply pressures.
Industry findings indicate that domestic refineries, including the Dangote Petroleum Refinery & Petrochemicals, have increasingly relied on foreign crude due to persistent shortages in local supply.
The refinery recently disclosed that it receives only five cargoes of crude monthly from the Nigerian National Petroleum Company Limited under the naira-for-crude arrangement, far below its requirement of 13 cargoes.
It stated that the shortfall is sourced externally, explaining that “the shortfall of eight cargoes is being bought from other sources outside the country.” It further noted that the NNPC supplies are priced at international rates with an added premium.
As a result, the company said it is forced to source crude from both local and international traders, purchasing foreign exchange at open market rates to complete transactions.
ENigeria Newspaper further confirms that the report shows that this shortage can be attributed to structural and commercial challenges, including reluctance by international oil companies to prioritise domestic supply. Many of these companies prefer exporting crude under dollar-denominated long-term contracts, citing better pricing and fewer regulatory constraints.
The government’s naira-for-crude policy, introduced in October 2024 to ease foreign exchange pressure and ensure steady supply to local refineries, appears yet to achieve its intended impact.
Experts point to ongoing issues such as pricing disputes, concerns over naira volatility, and existing export commitments that limit the volume of crude available for local refining.
Data also shows that Nigeria sourced imported crude from countries including Algeria, Angola, and the United States, reflecting the growing dependence on global markets to meet domestic refining needs.
