Nigeria spent N1.19 trillion importing crude oil in the first quarter of 2025, making it the third most imported commodity in the country during the period, according to the National Bureau of Statistics (NBS).
This is despite Nigeria being Africa’s top oil producer, a contradiction driven by weak domestic supply to local refineries.
The NBS disclosed the figures in its Foreign Trade in Goods Statistics report for Q1 2025.
The imported crude oil—listed as “Petroleum oils and oils obtained from bituminous minerals, crude”—accounted for 7.7% of total imports. It trailed only gas oil, which cost Nigeria N1.83 trillion, and motor spirit (PMS), valued at N1.76 trillion.
The report highlights a growing reliance on imported feedstock as domestic crude allocation to refineries remains inconsistent, pushing operators to turn to more reliable and commercially viable sources abroad.
U.S. supplies majority of Nigeria’s imported crude
- The United States emerged as the largest source of crude oil imports into Nigeria, supplying N726.84 billion worth of the product, roughly 61% of the total crude imported in Q1 2025.
- Angola and Algeria followed with N223.58 billion and N122.37 billion, respectively.
- Although the NBS did not name the receiving refineries, the trend reflects a broader industry challenge.
- Even large-scale facilities such as the Dangote Refinery, alongside modular refineries, are sourcing crude internationally due to the failure of policies like the Domestic Crude Supply Obligation and the Domestic Crude Refining Requirement, which were designed to ensure local supply to indigenous processors.
What you should know
In total, Nigeria spent N4.78 trillion on the importation of petroleum products—including gas oil, PMS, and crude oil—accounting for over 30% of the country’s total import bill. Aggregate imports stood at N15.43 trillion in the first quarter, a 4.59% increase from Q1 2024, but 7.02% lower than Q4 2024.
- Mineral fuels remained Nigeria’s most imported category, with a combined value of N4.97 trillion, representing 32.23% of total imports. The United States ranked as Nigeria’s third-largest import partner during the quarter, with total trade valued at N1.42 trillion, more than half of which came from crude oil exports to Nigeria.
- At the same time, Nigeria exported N12.96 trillion worth of crude oil and petroleum products, equivalent to 62.89% of total exports in Q1 2025. Crude oil exports declined by 16.35% year-on-year and 6.01% quarter-on-quarter but remained Nigeria’s dominant export commodity, ahead of liquefied natural gas, urea, and cocoa beans.
- Top destinations for Nigerian crude during the quarter were India, the Netherlands, the United States, France, and Spain, highlighting Nigeria’s continued dependence on foreign demand to sustain export revenues—even as domestic refineries grapple with shortages.
The mismatch between abundant local production and the lack of local utilisation continues to cast doubt on Nigeria’s refining self-sufficiency ambitions and the effectiveness of its downstream oil sector reforms.
