Crude oil imports in Nigeria emerged in H1 2025 (the first since 2017), capturing a 10.2% share of the total crude oil trade

Crude oil imports into Nigeria in H1 2025 marked the first occurrence since 2017.
Crude oil imports accounted for 10.2% of total crude oil trade.
From 2017 to 2024, exports made up 100% of crude oil trade annually.
Total crude oil trade peaked at ₦55.3 trillion in 2024.
The emergence of crude oil imports can be linked to domestic refinery operations, especially the Dangote Refinery.

Nigeria’s crude oil trade witnessed a remarkable shift in the first half of 2025 as the country recorded crude oil imports for the first time since 2017. Imports accounted for 10.2% of the total crude oil trade, marking a significant departure from the previous eight years, where exports consistently made up 100% of Nigeria’s crude oil trade.

Nigeria has long relied almost entirely on crude oil exports while importing refined petroleum products due to limited refining capacity. The emergence of crude oil imports in 2025 can be traced to the new entrant of the Dangote Refinery, which is sourcing crude locally and internationally to optimise operations.

Source:

National Bureau of Statistics

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Period:

2017 - H1 2025

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Export value rose from ₦36 trillion in 2023 to ₦85.1 trillion in 2025.

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The highest import value from Asia was recorded in Q1 at ₦8.7 trillion.
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China’s exports to Nigeria increased by 40% in 2025

China’s exports to Nigeria increased by 40.4%,
China's exports moved from ₦ 14.1 trillion in 2024 to ₦ 19.8 trillion in 2025.
Growth was consistent across all four quarters.
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Nigeria’s export mix stayed oil-heavy in 2025, with crude oil above 75% in all quarters

Crude oil dominated Nigeria’s exports in all quarters of 2025
Q1 recorded the highest oil dependency at 81.5%.
Non-oil exports peaked in Q2 at 24.2%, representing the strongest diversification point in 2025.
The oil share dropped to its lowest in Q2 (75.8%), but still remained dominant.

In 2025, Nigeria imported crude oil for the first time in the past decade, accounting for 11% of its total crude oil trade

Key takeaways:

Nigeria recorded its first crude oil imports in a decade in 2025, marking a structural shift in trade dynamics.
Imports accounted for 11% of total crude oil trade in 2025.
Total crude oil trade grew sharply from ₦7 trillion in 2016 to ₦53.2 trillion in 2025, indicating long-term expansion.
Exports remain dominant, contributing ₦47.4 trillion in 2025 despite the emergence of imports.
2024 was the peak year for crude oil trade at ₦55.3 trillion, followed by a slight decline in 2025.
The 2020 dip of ₦9.4 trillion highlights vulnerability to global shocks, likely tied to oil price and demand disruptions.

Nigeria exported ₦47tn in crude, yet spent ₦45tn importing finished goods and refined petroleum

Crude oil alone accounts for 55.7% of all exports. Remove it and Nigeria runs a ₦26.7tn trade deficit. The entire surplus rests on one commodity.
Nigeria imports ₦31.97tn in manufactured goods but exports only ₦2.50tn, a 12-to-1 ratio that reflects near-total dependence on foreign industrial output.
Nigeria exports ₦25.3tn in petroleum products yet imports ₦13.3tn of refined petroleum. Africa's top oil producer still can't fully process its own crude.
Despite Nigeria's vast farmland, agri-exports (₦5.07tn) barely exceed agri-imports (₦4.76tn). The sector earns almost nothing net.