Nigeria’s petrol import bill declined to $10 billion in 2025, according to data released by the Central Bank of Nigeria (CBN).
In its 2025 balance of payments (BOP) report, the apex bank revealed that petrol imports fell by 28.88 per cent, down from $14.06 billion recorded in 2024.
The reduction reflects a downward trend following the commencement of petrol production at the Dangote refinery.
On September 3, 2025, Aliko Dangote, chairman of Dangote Industries Limited, officially confirmed the start of petrol production at the facility.
The report also indicated that non-oil imports rose from $25.74 billion in 2024 to $29.24 billion in 2025, representing an increase of 13.6 per cent.
Meanwhile, revenue from crude oil exports dropped significantly by 14.41 per cent, falling from $36.85 billion in 2024 to $31.54 billion in 2025.
In contrast, gas exports recorded growth, rising from $8.66 billion in 2024 to $10.51 billion in 2025 — a 21.36 per cent increase.
Non-oil exports also experienced a boost, climbing by 24.80 per cent from $7.46 billion in 2024 to $9.31 billion in 2025.
Overall, the CBN noted that the goods account — a key component of the current account — remained in surplus, reaching $14.51 billion in 2025 compared to $13.17 billion in 2024.
According to the report, the improved balance was “driven by significant increase in gas exports to other economies and significant export of refined petroleum products worth US$5.85bn by Dangote Refinery”.
The apex bank added that the trend was further supported by increased domestic availability of refined petroleum products, which helped reduce fuel imports.
On the broader balance of payments, the CBN reported a current account surplus of $14.04 billion in 2025, down from $19.03 billion in 2024, but still higher than the $6.42 billion recorded in 2023.
The decline was attributed mainly to reduced crude oil export earnings and crude oil imports valued at $3.74 billion by the Dangote refinery.
The bank also highlighted rising non-oil imports and a 9.13 per cent increase in net service outflows, which grew from $13.36 billion in 2024 to $14.58 billion in 2025.
Additionally, net outflows in the primary income account surged by 60.88 per cent, increasing from $5.65 billion to $9.09 billion.
“Debit balance in the services account increased to US$14.58 billion in 2025, from US$13.36 billion recorded in 2024,” the CBN said.
The secondary income account, however, declined from $24.88 billion in 2024 to $23.20 billion in 2025.
“The Financial account recorded a net borrowing of US$1.69 billion in 2025, as against a net lending of $9.65 billion recorded in 2024,” the CBN added.
Overall, Nigeria’s balance of payments posted a surplus of $4.23 billion in 2025, compared to $6.83 billion in the previous year.
The apex bank further disclosed that external reserves stood at $45.75 billion as of December 2025, reflecting an increase of approximately 13.83 per cent from the end of 2024.