Nigeria, Africa’s largest oil producer, spent ₦1.19 trillion importing crude oil in the first quarter of 2025, making it the country’s third most imported product within the period, according to new data released by the National Bureau of Statistics (NBS).
The startling revelation comes as local refineries increasingly turn to foreign sources for crude feedstock due to unreliable domestic supply, despite government policies aimed at prioritising local refining.
According to the NBS “Foreign Trade in Goods Statistics” report, the imported product—listed as “Petroleum oils and oils obtained from bituminous minerals, crude”—accounted for 7.7% of Nigeria’s total imports in Q1 2025. Only gas oil (₦1.83 trillion) and petrol (PMS) (₦1.76 trillion) ranked higher.
The report suggests that the rise in crude oil imports reflects systemic challenges in Nigeria’s petroleum sector, notably the ineffective implementation of the Domestic Crude Supply Obligation and the Domestic Crude Refining Requirement. These policies were intended to guarantee supply for local processors but have failed to meet their targets.
As a result, both large-scale and modular refineries, including the Dangote Refinery, have begun sourcing crude internationally, citing cost-effectiveness and availability.
The United States supplied 61% of Nigeria’s imported crude oil during the quarter, valued at ₦726.84 billion. Angola and Algeria followed with ₦223.58 billion and ₦122.37 billion, respectively. The NBS report did not specify which local refineries received the imported volumes.
In total, Nigeria imported petroleum products worth ₦4.78 trillion in Q1 2025—comprising gas oil, PMS, and crude oil—representing over 30% of total national imports, which stood at ₦15.43 trillion.
Meanwhile, Nigeria exported crude oil and petroleum products valued at ₦12.96 trillion in the same quarter, making up 62.89% of total exports. However, crude oil exports dipped by 16.35% year-on-year and by 6.01% compared to the previous quarter.
Top export destinations included India, the Netherlands, the United States, France, and Spain, highlighting Nigeria’s continued reliance on foreign demand to maintain oil export revenues.
Despite producing over 1.2 million barrels of crude daily, Nigeria’s inability to consistently allocate crude to local refineries continues to undermine efforts to achieve refining self-sufficiency. Industry stakeholders argue that without urgent reforms and better enforcement of supply obligations, the nation’s multi-billion-dollar refinery investments may struggle to meet their potential.
The situation calls into question the viability of Nigeria’s downstream oil reforms and the broader vision of becoming a net exporter of refined petroleum products.