₦airaland Forum

Dangote Petroleum Refinery imported a total of $3.74 billion worth of crude oil in 2025, despite Nigeria being a crude oil-producing country.


The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74bn by Dangote Refinery” contributed to movements in the country’s current account position.

In contrast, crude oil exports dropped from $36.85bn in 2024 to $31.54bn in 2025, representing a 14.41 per cent decline, further shaping the external balance.

The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”

Specifically, refined petroleum product imports fell sharply to $10.00bn in 2025 from $14.06bn in 2024, representing a 28.88 per cent decline, while total oil-related imports also eased.

However, this was offset by a rise in non-oil imports, which increased from $25.74bn to $29.24bn, up 13.60 per cent year-on-year, reflecting sustained demand for foreign goods.

At the same time, the goods account remained in surplus at $14.51bn in 2025, rising from $13.17bn in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.

The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.

Nigeria posted a current account surplus of $14.04bn in 2025, lower than the $19.03bn recorded in 2024 but significantly higher than $6.42bn in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.


Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36bn in 2024 to $14.58bn in 2025, driven by increased spending on transport, travel, insurance, and other services.

Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09bn, largely due to higher dividend and interest payments to foreign investors.

In contrast, secondary income inflows declined slightly from $24.88bn in 2024 to $23.20bn in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow.

Nigeria imported crude oil worth N5.734trn between January and December 2025 as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.

This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.

Sokoto-based Islamic scholar, Sheikh Musa Lukuwa, on Thursday, led his followers in observing Eid al-Fitr prayers in defiance to the directive of the Sultan of Sokoto, Alhaji Saad Abubakar, who has declared Friday as the official Sallah day.

The cleric conducted the two-unit Eid prayer at his Mabera mosque at approximately 9:10 a.m..

He had earlier addressed his followers after the Sultan’s announcement that the Shawwal crescent moon had not been sighted anywhere in Nigeria.

In the message that later circulated on social media, Lukuwa justified the decision, citing reports of moon sighting in neighbouring Niger Republic.

According to him, trusted contacts in the country verified the development, prompting his group to proceed with the Eid celebration.

“Niger Republic is very close to us—about 100 kilometres away,” he said. “If we accept reports from cities like Kano or even Lagos, which are farther away, there is no reason to reject confirmed sightings from a neighbouring country.”

He emphasized that the decision was not an act of disregard for the Sultan’s authority but rather adherence to religious teachings.

“We usually follow the Sultan’s directive in starting and ending Ramadan. However, when it is clear that the moon has been sighted, we must act in accordance with the teachings of the Prophet, even if it differs from the Sultan’s declaration,” he stated.

Lukuwa also referenced the historical role of the late Abubakar Mahmoud Gummi in announcing moon sightings before the responsibility was centralized under the Sultan for the sake of unity within the Muslim community.

He maintained that the Sultan’s decision in this instance was incorrect and insisted that his followers would not comply.

Separate accounts indicate that Lukuwa informed congregants around midnight of the reported moon sighting and instructed them to return for Eid prayers the following morning.

This is not the first time the cleric and his followers would disregard the Sultan’s official position on the timing of Eid celebrations.