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.

For years, Nigeria operated as a pure exporter of crude oil, consistently exporting and generating trade earnings. But the pattern broke in 2025, with Nigeria recording crude oil imports for the first time in years, accounting for 11% of total trade. It’s a small share relative to exports. Still, symbolically, it signals a structural shift in how the country participates in the global oil market, driven by the emergence of the Dangote Refinery, which imports part of its crude oil.

Source:

National Bureau of Statistics

Period:

2016-2025
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