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

Period:

2017 - H1 2025
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Nigeria's agricultural imports' share has been dropping, from 83.9% (2017) to a low of 42.9% (H1 2025)
  • Agricultural imports fell from 83.9% in 2017 to 42.9% in H1 2025, indicating a significant decline in import dependency.
  • Agricultural exports grew from 16.1% in 2017 to 54.0% in 2024, surpassing imports for the first time since 2017.
  • Total agricultural trade increased from ₦1.1 trillion in 2017 to ₦8.2 trillion in 2024.
  • Between 2022 and 2024, the import share dropped significantly from 75.7% to 46.0%.
Asia and Europe (combined) have consistently represented over 70% of Nigeria's total imports since 2013
  • Asia and Europe have consistently represented over 70% of Nigeria’s imports since 2013.
  • Asia’s share of imports reached a record 53.5% in H1 2025.
  • Europe contributed 23.1% of total imports in H1 2025.
  • Imports from the American region averaged between 10%–14% over the period.
  • Africa’s import share remained below 10%, showing limited regional trade.
The Netherlands held the largest share of Nigeria's imports from Europe for most of the period, averaging 20% of annual imports
  • The Netherlands has mostly been the top European import source, with Nigeria averaging 20% of annual imports from the region.
  • Netherlands' highest share of Nigeria's imports was 27.9% in 2018.
  • The United Kingdom consistently contributed around 5–15% of Nigeria’s European imports.
  • Germany’s share remained relatively stable at 5–10% over the years.
  • France, Italy, and Spain maintained smaller shares, mostly under 7%.
Nigeria's manufactured goods trade is overwhelmingly import-dependent, with imports consistently exceeding 85% since 2017
  • Imports have consistently exceeded 85% of Nigeria's manufactured goods trade since 2017.
  • In H1 2025, imports accounted for 93.3% of the total ₦16.5 trillion trade.
  • Nigeria’s export share in the manufactured goods trade was only 6.7% in H1 2025.
  • The highest export share in the past eight years was 14.8% in 2019.
  • Total manufactured goods trade grew from ₦4.9 trillion in 2017 to ₦29.1 trillion in 2024.
Nigeria's imports of food and beverage have grown in value by 265% since 2020, reaching ₦6.6T in 2024
  • Nigeria’s food and beverage imports increased almost ninefold, from ₦0.7 trillion in 2013 to ₦6.6 trillion in 2024.
  • Imports remained relatively stable between 2015 and 2019, averaging around ₦1.1–₦1.6 trillion.
  • A major spike occurred in 2021, when imports surged by 62%, reaching ₦2.9 trillion.
  • Overall, the trend underscores Nigeria’s ongoing challenge of reducing dependency on imported food and beverages despite policies aimed at self-sufficiency.
Fuels and lubricants dominated 2024 imports, accounting for 37.4% (₦22.7T) of the total ₦60.6T
  • Nigeria imported a total of ₦60.6 trillion worth of goods in 2024.
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