Nigeria's Oil Sector Imports Soar Despite Domestic Refining Capacity

Nigeria's foreign exchange demand for oil-sector imports jumped by 114.91 per cent in 2025, highlighting the country's continued reliance on imported petroleum products and related inputs.

The Central Bank of Nigeria's 2025 Annual Report and Statement of Accounts revealed that foreign exchange utilised for oil sector imports rose to $4.86bn, compared with about $2.26bn recorded in 2024.

This growth comes despite the expansion of domestic refining capacity in recent years. The Dangote Petroleum Refinery has continued to ramp up production and has even maintained its position as Nigeria's dominant supplier of Premium Motor Spirit in the first six months of 2026, accounting for the bulk of domestic supply as petrol importation fell by 65.7 per cent.

The report noted that petroleum imports recorded the sharpest increase among major import categories, while industrial sector imports remained the largest consumer of foreign exchange among visible imports, followed closely by the oil sector.