Nigeria Imports N1.2tn Crude As Local Output Falls

Nigeria imported ₦1.19 trillion worth of crude oil in the first quarter of 2025 because local refineries were not receiving enough domestic supply, despite being the biggest producer of crude oil in Africa.

The National Bureau of Statistics disclosed this in its latest Foreign Trade in Goods Statistics report for Q1 2025, which showed that the imported crude, classified as “petroleum oils and oils obtained from bituminous minerals, crude,” emerged as Nigeria’s third most imported product within the period under review.

The product accounted for 7.7 per cent of total imports, trailing only gas oil and motor spirit ordinary, which were valued at N1.83tn and N1.76tn, respectively.

Further analysis of the NBS data revealed that the United States was the dominant source of the crude oil imported by Nigerian refineries, supplying N726.84bn worth of the product.

This figure represents approximately 61 per cent of the total value of crude oil imports into the country in the quarter. Angola and Algeria followed with N223.58bn and N122.37bn, respectively.

Together, these three countries accounted for most of Nigeria’s crude imports during the period, signalling that local refineries relied significantly on foreign-sourced feedstock due to the lack of a sufficient domestic supply.

Local refineries, including modular operations and large-scale facilities like the Dangote Refinery, are being compelled to turn to international markets for crude supply as a more consistent and commercially viable option.