By Monsurat Abisoye
Nigeria imported crude oil worth $1.39bn in the first quarter of 2026, marking a significant shift in the country’s petroleum trade as the Dangote Petroleum Refinery increasingly relied on imported feedstock despite Nigeria being Africa’s largest crude oil producer.
According to the Central Bank of Nigeria’s (CBN) Balance of Payments Highlights, crude oil imports rose by 308.8 per cent from $340m in the fourth quarter of 2025. The imports accounted for 81.8 per cent of the country’s total crude oil, gas and refined petroleum product imports, which stood at $1.70bn during the period.
The increase was linked to the Dangote refinery’s growing operations, with the plant supplementing domestic crude supplies with imported grades. Meanwhile, imports of refined petroleum products dropped sharply by 87.5 per cent to $310m from $2.48bn, reflecting increased local refining and reduced dependence on imported fuel.
The CBN said the decline in fuel imports strengthened Nigeria’s external position, while exports of refined petroleum products rose by 20.3 per cent to $2.37bn, signalling the country’s gradual transition from a net fuel importer to a major exporter.
The country’s goods account surplus increased to $5.95bn in Q1 2026, supported by higher exports. Crude oil export earnings climbed by 19.8 per cent to $8.11bn, gas exports rose to $2.53bn, while total exports reached $15.49bn. Total imports, however, fell by 17.7 per cent to $9.54bn.
The stronger trade performance lifted Nigeria’s current account surplus to $4.98bn, up from $1.40bn in the previous quarter, although the overall balance of payments surplus declined slightly to $2.38bn. External reserves also grew from $45.75bn to $48.35bn by the end of March 2026.
Despite the improvement, concerns remain over crude supply to local refineries. Data from the Nigerian Upstream Petroleum Regulatory Commission showed that although 68.7 million barrels of crude were offered under the Domestic Crude Supply Obligation, only 28.5 million barrels were delivered to local refiners during the quarter, representing a supply conversion rate of between 36 and 46 per cent.
The commission reaffirmed its commitment to improving domestic crude supply as part of the Federal Government’s energy security agenda.
The Crude Oil Refiners Association of Nigeria (CORAN) attributed Dangote Refinery’s increasing reliance on imported crude to commercial pricing and crude grade differences. Its Publicity Secretary, Eche Idoko, said Nigerian producers mainly sell Brent-linked crude at premium prices, while the refinery often prefers importing West Texas Intermediate (WTI) crude because it is more cost-effective and better suited to its processing configuration.
He called for a pricing framework that reflects the needs of local refiners, arguing that such reforms would improve competitiveness, strengthen domestic supply chains and reduce dependence on imported crude.