Nigeria's crude oil exports totaled N47.43 trillion within the last year of 2025, as indicated by an analysis of trade statistics provided by the National Bureau of Statistics (NBS).
The reports show that in the first quarter of 2025, exports of crude oil were valued at N12.95 trillion, which declined to N11.96 trillion in the following quarter.
In the third quarter, the value saw a rebound, rising to N12.8 trillion, but in the final quarter, exports fell again to the lowest level of N9.7 trillion.
Country-specific analysis highlighted that Spain was Nigeria's top customer, importing N4.9 trillion worth of crude oil. France followed closely with N4.8 trillion, while India accounted for N4.2 trillion in purchases.
Canada imported N4.1 trillion of Nigeria's crude, with the Netherlands purchasing N4.6 trillion. Italy also bought N4.01 trillion, while Indonesia and the United States imported N3.6 trillion and N2.8 trillion, respectively.
Additionally, during this period, South Africa acquired N1.3 trillion, Malaysia imported N458.9 billion, China bought N393.3 billion worth, while Togo, Ivory Coast, and Ghana took N113.3 billion, N745.6 billion, and N160 billion respectively.
In contrast, Nigeria imported N5.7 trillion worth of crude oil, primarily facilitated by the Dangote Refinery. A breakdown of this import revealed that in the first quarter, N1.18 trillion was imported, increasing to N1.64 trillion in the second quarter and N2.4 trillion in the third quarter, before significantly dropping to N499.7 billion in the fourth quarter.
Furthermore, the country imported N8.96 trillion worth of Premium Motor Spirit (PMS), commonly referred to as petrol. The breakdown of this import showed that N1.7 trillion was brought in during the first quarter, which rose to N2.3 trillion in the second quarter but later decreased to N1.2 trillion, before peaking again at N3.5 trillion in both the third and fourth quarters.
The decline in PMS imports coincided with the Dangote Refinery's increasing status as a main supplier in Nigeria's downstream sector.
This new figure of N8.96 trillion represents a considerable decrease from the N15.4 trillion imported in 2024, and the N7.51 trillion seen in 2023.
The Federal Government, via the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has stated that it would halt the issuance of import licenses for PMS for the second consecutive month in 2026.
Recent data from the NMDPRA for February indicated no import licenses were granted, and the Crude Oil Refineries Association of Nigeria (CORAN) confirmed that this remained unchanged in March, suggesting a strategic shift towards local production.
This strategy aims to bolster domestic refining, constituting a significant advantage for the Dangote Refinery and other local players, especially after these local refineries had initiated legal actions against the NMDPRA and the Nigerian National Petroleum Company Limited (NNPCL) to restrict imports.
Under the newly implemented Petroleum Industry Act (PIA), the regulator can only issue import permits when local production is insufficient to meet national needs.
Additionally, the data suggests that Nigeria’s daily petrol consumption averaged 56.9 million litres in February 2026, down from 60.2 million litres in January. In February, Dangote Refinery provided 36.5 million litres of petrol alongside 8 million litres of diesel to the local market.
According to the NMDPRA, these supply volumes were adequate, prompting the decision against issuing import licenses.
Eche Idoko, spokesperson for the CORAN, has expressed support for the regulator's decision, emphasizing the importance of protecting local production. Idoko remarked, "For us, anything that safeguards local output is a positive step. The challenge now is to maintain this momentum."
Conversely, Aliko Dangote, President of Dangote Industries Limited (DIL), has criticized the ongoing issuance of licenses for petrol imports, warning that such practices could threaten his refinery’s operations and pose risks to Nigeria’s energy security.
He asserted that despite the refinery's ability to meet the entire domestic fuel demand with a daily production capacity of 75 million litres, market participants continue to import refined products, which might compromise the nation’s energy stability.
In a recent interview, Dangote highlighted that the issuance of import licenses contradicts the NMDPRA's assurances regarding limiting fuel imports once local refining capabilities improved. He noted that while his refinery has begun exporting refined products, the persistent influx of imports disrupts the local market’s balance.
"They are still permitting imports even though we can meet the demand. We are exporting while they import. Certainly, we can produce 75 million litres, but they are still backloading," he asserted.
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