Nigeria’s Petroleum Imports Drop 75.5% in Q1 Amid Refining Gains

The National Bureau of Statistics (NBS) says Nigeria’s importation of petroleum products fell significantly to N3.786 trillion in the first quarter (Q1) of 2025, representing a 75.55 per cent decline from N15.48 trillion recorded in Q1 2024.

The sharp drop, captured in the bureau’s Foreign Trade in Goods Statistics for Q1 2025, is attributed to increased domestic refining capacity, notably the ramp-up of operations at the 650,000 barrels-per-day Dangote Refinery.

The NBS also noted that the Q1 2025 figure marked a 21.21 per cent decrease compared to N4.805 trillion recorded in the fourth quarter (Q4) of 2024.

The data show broader shifts in Nigeria’s trade patterns. While crude oil exports dipped to N12.95 trillion — a 6.01 per cent decline from Q4 2024 and a 16.35 per cent fall from Q1 2024 — other oil product exports rose sharply.

“Other oil product exports in Q1 2025 stood at N4,475.58 billion, showing an increase of 134.24% increase from N1,910.71 billion in Q1 2024 and as well as increase of 32.07% increase from N3,388.80 billion in Q4 2024,” the bureau said.

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Total exports grew by 7.42 per cent year-on-year to N20.59 trillion, with crude oil, liquefied natural gas, and urea among the top exports. Imports, however, stood at N15.42 trillion — a 4.59 per cent increase from Q1 2024, but a 7.02 per cent drop from Q4 2024.

The NBS added that: “The value of other oil products imported in Q1 2025 stood at N3.78 trillion, reflecting a 42.2 per cent decrease from N6.551 trillion in Q1 2024,” and “a 21.19 per cent decline from the N4.80 trillion recorded in Q4 2024″.