- Nigeria imported $1.39bn worth of crude oil in Q1 2026
- Refined fuel imports fell as local refining output increased
- Higher oil exports boosted the country’s trade surplus
Nigeria imported crude oil worth $1.39 billion in the first quarter of 2026, reflecting a sharp increase as local refineries, including the Dangote Petroleum Refinery, continued to rely on foreign crude despite the country’s status as Africa’s largest oil producer.
Eko Hot Blog reports that figures from the Central Bank of Nigeria’s Balance of Payments report for the first quarter showed that crude oil imports climbed from $340 million in the final quarter of 2025 to $1.39 billion, representing a 308.8 per cent quarter-on-quarter increase.
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The surge comes even as domestic refining capacity continues to expand, led by the Dangote refinery, which has significantly increased production and exports of refined petroleum products while sourcing part of its crude requirements from international markets.
According to the CBN, crude oil imports accounted for more than 80 per cent of the country’s combined crude oil, gas and refined petroleum imports, which totalled $1.70 billion during the period.
The trend highlights the continued dependence of local refiners on imported feedstock despite government efforts to improve crude supply under the Domestic Crude Supply Obligation framework.
In contrast, imports of refined petroleum products dropped sharply by 87.5 per cent to $310 million from $2.48 billion recorded in the previous quarter.
The decline reflects the growing availability of locally refined fuel, reducing Nigeria’s dependence on imported petroleum products.
The apex bank noted that lower fuel imports played a significant role in strengthening the country’s external trade position during the review period.
Meanwhile, exports of refined petroleum products rose by 20.3 per cent to $2.37 billion from $1.97 billion in the preceding quarter, indicating that Nigeria is gradually emerging as a major exporter of refined fuel.
Crude oil export earnings also improved by 19.8 per cent to $8.11 billion, while gas exports increased to $2.53 billion during the quarter.
Overall exports rose to $15.49 billion, while total imports declined to $9.54 billion, contributing to a stronger trade balance.
As a result, Nigeria’s goods account surplus expanded to $5.95 billion, while the current account surplus increased to $4.98 billion, significantly higher than the previous quarter.
Although the overall balance of payments surplus declined slightly to $2.38 billion, the country’s external reserves improved to $48.35 billion by the end of March 2026, supported by stronger foreign exchange inflows.
Earlier data released by the Nigerian Upstream Petroleum Regulatory Commission showed that local refineries received only 28.5 million barrels of crude oil during the first quarter despite over 61 million barrels being allocated under the Domestic Crude Supply Obligation.
Industry stakeholders have attributed Dangote Refinery’s growing reliance on imported crude to commercial pricing considerations and differences in crude oil grades available within the domestic market.
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