2025 marked a turning point for Nigeria’s energy sector, as the country reduced costly petrol imports.
Consequently, petrol import bills fell to $10 billion, down from $14.06 billion in 2024, showing progress.
Lower Petrol Imports
Meanwhile, the Dangote Refinery fully started operations, actively reshaping Nigeria’s energy trade and boosting domestic production.
Moreover, Dangote’s refined petroleum exports contributed $5.85 billion, relieving foreign exchange pressure on the national economy.
Additionally, the goods account stayed in surplus, rising to $14.51 billion from $13.17 billion the previous year.
Dangote Refinery Boost
At the same time, natural gas exports increased significantly, helping stabilise foreign inflows despite weaker crude oil earnings globally.
Provisional balance of payments figures reveal a current account surplus of $14.04 billion for 2025.
However, this surplus declined from $19.03 billion in 2024, mainly due to volatile crude oil market prices.
Read Also: Dangote Refinery Raises Petrol Costs, Fuel Now ₦1,275 per Litre
Historically, Nigeria exported crude oil while importing petrol and diesel, creating a costly trade imbalance.
Now, the rise of domestic refining actively reduces import dependency while simultaneously supporting export revenue growth.
Fuel import costs peaked at ₦15.42 trillion in 2024, driven by a 40.9% depreciation of the Naira.
By the third quarter of 2025, import costs fell to ₦1.28 trillion, reflecting growing domestic production.
Expansion Plans Ahead
Furthermore, Dangote Refinery plans to expand output from 650,000 to 1.4 million barrels per day, becoming the world’s largest refinery.
The Federal Government actively supports the expansion, calling it a “game-changer” for Nigeria, West Africa, and the continent.
Consequently, Nigeria is no longer solely a crude exporter; it now moves toward energy self-sufficiency and stronger trade balances.
Overall, the story of 2025 shows a country rewriting its energy future, with domestic refining driving economic resilience.
