{"id":337300,"date":"2026-03-19T11:06:10","date_gmt":"2026-03-19T11:06:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/337300\/"},"modified":"2026-03-19T11:06:10","modified_gmt":"2026-03-19T11:06:10","slug":"africas-largest-refinery-drives-3-74-billion-crude-imports-into-nigeria","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/337300\/","title":{"rendered":"Africa\u2019s largest refinery drives $3.74 billion crude imports into Nigeria"},"content":{"rendered":"

\n This data was contained in the latest Balance of Payments report of the West African country\u2019s central bank<\/a>, which cited the refinery’s crude oil acquisitions as a significant factor influencing the nation’s current account.\n <\/p>\n

\n Per the report, Nigeria’s current account surplus was $14.04 billion in 2025.\n <\/p>\n

\n 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.\n <\/p>\n

\n 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\u2019s largest single-train refinery<\/a>.\n <\/p>\n

\n 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.\n <\/p>\n

\n Despite this dip, Nigeria’s goods account improved, with a surplus of $14.51 billion, up from $13.17 billion in 2024.\n <\/p>\n

\n 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<\/a>.\n <\/p>\n

\n 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.\n <\/p>\n

\n 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.\n <\/p>\n

\n Fuel imports fell drastically to $10 billion in 2025, down from $14.06 billion the year before, an almost 29 percent decrease.\n <\/p>\n

\"A <\/p>\n

\n 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.\n <\/p>\n

\n 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.\n <\/p>\n

\n Overall, Nigeria’s balance of payments<\/a> 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.\n <\/p>\n

\n 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.\n <\/p>\n","protected":false},"excerpt":{"rendered":"This data was contained in the latest Balance of Payments report of the West African country\u2019s central bank,…\n","protected":false},"author":2,"featured_media":337301,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-337300","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/337300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=337300"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/337300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/337301"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=337300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=337300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=337300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}