Nigeria’s crude oil exports surged to a staggering N12.96 trillion in the first quarter of 2025, even as local refineries remain dry due to poor feedstock supply, The PUNCH reports.
According to the National Bureau of Statistics, crude oil and other petroleum products made up 62.89% of Nigeria’s total exports, underscoring the country’s heavy reliance on foreign markets. Meanwhile, indigenous refiners continue to battle for access to crude, despite policies like the Domestic Crude Supply Obligation (DCSO) and Domestic Crude Refining Requirement (DCRR) meant to prioritize local supply.
Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, expressed frustration over the government’s failure to enforce these initiatives.
“Although the DCSO and DCRR theoretically ensure supply security for local refineries, enforcement remains weak,” he said.
“Nigeria’s transition to a self-reliant petroleum refining sector has been fraught with contradictions and policy ambiguities.”
Export data showed a 16.35% drop from the N15.49tn recorded in Q1 2024 and a 6.01% dip from Q4 2024’s N13.78tn. Still, crude oil maintained its position as the country’s top export, far ahead of liquefied natural gas, urea, and cocoa beans.
India remained Nigeria’s top oil buyer with imports valued at N1.41tn, followed by the Netherlands (N1.36tn), France (N1.28tn), Spain (N989.54bn), and the United States (N779.39bn). On the African continent, South Africa led with N704.73bn worth of imports.
In contrast, imports of petroleum products into Nigeria dropped sharply to N3.79tn, a 42.20% fall from Q1 2024, signaling shifting dynamics in the downstream sector.
Idoko also criticized the naira-for-crude deal being limited to the Dangote refinery.
“Restricting the deal to only the Dangote refinery defeats the intent of the policy,” he argued.
The total trade volume for Q1 2025 hit N36.02tn, up 6.19% from the same period last year, with a trade surplus of N5.17tn, a 51.07% increase from Q4 2024.
Despite its oil wealth, Nigeria’s local refining capacity continues to lag behind, calling into question the implementation of policies designed to keep more of the nation’s oil value chain within its borders.
