Nigeria’s petrol import bill fell to $10 billion in 2025, down from $14.06 billion in 2024, reflecting a growing shift toward domestic refining and export-led growth.
This is according to the latest Balance of Payments (BOP) report released by the Central Bank of Nigeria (CBN).
The decline is largely driven by increased reliance on locally refined petroleum products, particularly from the newly operational Dangote Refinery, which is beginning to reshape Nigeria’s energy trade balance.
According to the CBN, the goods account, the main component of the current account, remained in surplus, recording $14.51 billion in 2025, up from $13.17 billion in 2024.
The improvement demonstrates the rising contribution of refined products and gas exports to Nigeria’s external trade position.
What the report is saying
Provisional Balance of Payments (BOP) statistics for 2025 show a current account surplus of $14.04 billion, down from $19.03 billion in 2024.
The CBN attributed the decline to weaker crude oil earnings amid global market fluctuations.
- Natural gas exports increased significantly, boosting foreign exchange inflows.
- Refined petroleum products from Dangote Refinery contributed $5.85 billion to export earnings.
- The availability of domestically refined petrol reduced the need for costly fuel imports.
- Strong performance in the goods account helped cushion the overall current account despite volatility in crude oil earnings.
The data indicate an ongoing structural shift in Nigeria’s energy sector, with domestic refining reducing import dependence while generating export revenue.
Get up to speed
Nigeria has historically relied heavily on imported refined petroleum products due to limited domestic refining capacity.
- For decades, crude oil exports were coupled with persistent imports of petrol and diesel.
- The operational ramp-up of Dangote Refinery is gradually altering this trade dynamic.
- Increased domestic refining capacity supports energy self-sufficiency and strengthens the country’s trade balance.
The expansion of domestic refining marks an important milestone in Nigeria’s energy policy and economic strategy.
What you should know
As refining capacity grows, Nigeria is expected to further reduce its import dependency and enhance trade balances.
In December 2025, Nairametrics reported that Nigeria spent N1.28 trillion on fuel imports in the third quarter of 2025.
- In 2024, import costs spiked 105.3% to N15.42 trillion, the highest on record, largely driven by a 40.9% depreciation of the naira, which sharply inflated local-currency import costs.
- In October, Dangote Refinery announced plans to expand its production capacity from 650,000 barrels per day to 1.4 million barrels per day, a move that will make it the largest refinery in the world once completed, surpassing India’s Jamnagar Refinery.
- The Federal Government declared its full support for Dangote Refinery’s plan to boost production capacity to 1.4 million barrels per day (bpd), describing the project as a “game-changer” for Nigeria, West Africa, and the entire continent.
