Nigeria Spends N1.2tn on Crude Oil Imports as Local Supply Falls Short
Despite its status as Africa’s top crude oil producer, Nigeria spent a staggering N1.19 trillion on crude oil imports in the first quarter of 2025, according to the National Bureau of Statistics (NBS).
This figure highlights a growing reliance on foreign crude by local refineries struggling with inadequate domestic supply.
The NBS report, titled Foreign Trade in Goods Statistics Q1 2025, shows that crude oil—classified as “Petroleum oils and oils obtained from bituminous minerals, crude”—was Nigeria’s third most imported product, accounting for 7.7% of total imports. Only gas oil (N1.83tn) and petrol (N1.76tn) ranked higher.
The United States was the leading supplier, exporting N726.84 billion worth of crude to Nigeria, representing 61% of the total import value. Angola and Algeria followed with N223.58bn and N122.37bn, respectively.
