This data was contained in the latest Balance of Payments report of the West African country’s central bank, which cited the refinery’s crude oil acquisitions as a significant factor influencing the nation’s current account.
Per the report, Nigeria’s current account surplus was $14.04 billion in 2025.
While this represents a drop from the $19.03 billion posted in 2024, it remains a substantial improvement compared to the $6.42 billion surplus recorded in 2023.
The reduction from the previous year was attributed in part to changing oil trading patterns, particularly the importation of crude for domestic processing, linked to the world’s largest single-train refinery.
Export numbers reflect this transition, with crude oil shipments declining to $31.54 billion in 2025 from $36.85 billion in 2024, a 14 percent decrease.
Despite this dip, Nigeria’s goods account improved, with a surplus of $14.51 billion, up from $13.17 billion in 2024.
This surge was primarily driven by activities related to the Dangote refinery, as well as improved performance in other export areas, as seen in the Punch.
The export of refined petroleum products was a major highlight, bringing in $5.85 billion for the year. Increased gas exports also contributed to the improving trade position.
At the same time, the refinery’s operations seem to be changing Nigeria’s import profile. With more locally refined fuel available, the country’s reliance on imported petroleum products has decreased dramatically.
Fuel imports fell drastically to $10 billion in 2025, down from $14.06 billion the year before, an almost 29 percent decrease.
However, this development was partially offset by an increase in non-oil imports, which rose to $29.24 billion from $25.74 billion in 2024, indicating sustained demand for foreign goods.
The central bank’s report further highlighted a rise in investment outflows, as Nigerians raised their holdings in both direct and portfolio investments abroad this past year.
Overall, Nigeria’s balance of payments remained favorable, with a surplus of $4.23 billion in 2025. Though this sum is lower than the $6.83 billion reported in 2024, it still represents a rather stable external position.
Meanwhile, the country’s external reserves expanded, reaching $45.75 billion at the end of December 2025. This marks a 13.83 percent gain year on year, aided by increased inflows and improved external buffers.
