KEY POINTS
- Nigeria’s petrol import bill fell 28.88% to $10 billion in 2025, driven by local production at Dangote Refinery.
- Gas and non-oil exports rose significantly, while crude oil earnings dropped 14.41%, impacting the current account.
- Dangote Refinery’s operations strengthened the goods account surplus and boosted Nigeria’s external reserves to $45.75 billion.
Nigeria’s petrol import bill fell to $10 billion in 2025, a 28.88% drop from $14.06 billion in 2024, according to the Central Bank of Nigeria (CBN). The reduction coincides with the commencement of petrol production at the Dangote Refinery, which officially began operations on September 3, 2025.
Aliko Dangote, chairman of Dangote Industries Limited, announced that the refinery’s start has significantly reduced Nigeria’s dependence on imported fuel, offering both domestic and regional markets access to refined petroleum products.
The CBN report highlighted that while petrol imports declined, non-oil imports rose from $25.74 billion in 2024 to $29.24 billion in 2025, a 13.6% increase. Meanwhile, crude oil export earnings fell by 14.41%, dropping from $36.85 billion to $31.54 billion.
On the upside, gas exports rose from $8.66 billion to $10.51 billion, marking a 21.36% increase, and non-oil exports climbed 24.8% from $7.46 billion to $9.31 billion. Cumulatively, the goods account, a key component of the current account, recorded a surplus of $14.51 billion in 2025, up from $13.17 billion in 2024, supported largely by the export of refined petroleum products valued at $5.85 billion from Dangote Refinery.
Balance of Payments and Overall Economic Impact
Provisional statistics from the CBN showed that Nigeria’s current account surplus stood at $14.04 billion in 2025, down from $19.03 billion in 2024, yet still significantly higher than $6.42 billion in 2023.
The drop is attributed to reduced crude oil export earnings and imports of crude oil valued at $3.74 billion by the Dangote refinery.
The apex bank also reported a 9.13% increase in net outflows for services, rising from $13.36 billion to $14.58 billion, and a 60.88% surge in the primary income account, from $5.65 billion to $9.09 billion.
The financial account recorded a net borrowing of $1.69 billion, contrasting with a net lending of $9.65 billion in 2024. Nigeria’s external reserves rose to $45.75 billion by December 2025, marking a 13.83% increase over the previous year.
The CBN emphasized that the availability of locally refined petroleum products from Dangote Refinery has been a critical driver of the decline in fuel imports, improving domestic supply and strengthening Nigeria’s balance of payments.
The refinery’s capacity to produce and export refined products positions Nigeria as a growing player in regional energy markets, reducing vulnerability to global oil shocks
