Nigeria, Africa’s largest crude oil producer, spent ₦1.19 trillion importing crude oil within the first quarter of 2025 on account of inadequate native provide to home refineries, a brand new report by the Nationwide Bureau of Statistics (NBS) has revealed.
The imported crude, listed as “Petroleum oils and oils obtained from bituminous minerals, crude,” was Nigeria’s third-highest import in Q1, trailing behind fuel oil and petrol, which value ₦1.83 trillion and ₦1.76 trillion respectively.
In response to the NBS, “China stays Nigeria’s highest buying and selling accomplice on the import aspect within the first quarter of 2025, adopted by India, the US of America, the Netherlands, and the United Arab Emirates.
“Essentially the most traded commodities imported in the course of the quarter had been Fuel oil, Motor spirit unusual, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).”
Knowledge from the bureau reveals that the US was Nigeria’s major supply of imported crude, contributing ₦726.84 billion, or about 61 per cent of the overall. Angola adopted with ₦223.58 billion and Algeria with ₦122.37 billion.
This pattern, analysts say, highlights the lack of Nigeria’s home crude provide to satisfy the wants of each massive and modular refineries just like the Dangote Refinery. In consequence, native processors have turned to the worldwide marketplace for dependable and cost-effective crude.
Regardless of producing over 1.4 million barrels of crude per day, refinery homeowners say native provide stays nearly non-existent.
Eche Idoko, Publicity Secretary of the Crude Oil Refinery-owners Affiliation of Nigeria (CORAN), confirmed the availability shortfall.
“Native refiners, particularly the modular refineries, haven’t been getting crude, I imply zero allocation, beneath the DCSO or every other particular association,” he stated.
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Idoko added that many refinery operators have resorted to importing crude oil themselves with a purpose to stay in enterprise.
“We have now resorted to personal preparations to supply merchandise. This course of has been herculean, forcing many of the modular refineries to provide under full capability.
“So, we contemplate the directive by the NUPRC fairly heartwarming, and we hope the IOCs can be cooperative. And not one of the modules have benefited from the Naira for crude both,” he stated.
He additional praised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for trying to ease licensing prices, however famous that refined gasoline importers appear to be receiving extra authorities incentives than native refinery buyers.
“We’re interesting to Mr President and the federal government’s {economic} staff to please give consideration to native refineries, particularly modular refineries,” he added.
To deal with the scarcity, the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) not too long ago banned the export of crude designated for home refining.
Gbenga Komolafe, Chief Govt of the NUPRC, said, “Diverting crude oil meant for native refineries is a violation of the regulation.” He warned that export permits would not be issued for such crude allocations.
Regardless of the home want, oil producers have continued to prioritise exports.
The Petroleum Merchandise Retail Retailers House owners Affiliation of Nigeria not too long ago alleged that 500,000 barrels of crude earmarked for native refining had been being diverted overseas in pursuit of international alternate.
