Oil import FX demand jumps 115% despite local production

Nigeria's foreign exchange demand for oil imports saw a 115% increase in 2025, despite local production efforts. The Central Bank of Nigeria's 2025 Annual Report revealed that $4.86bn was spent on oil sector imports, up from $2.26bn in 2024. Petroleum-related imports accounted for 25.91% of total FX utilisation, even with local crude refining.

Visible imports comprised $18.76bn, with industrial imports leading at 42.11%. In contrast, invisible imports surged by 113.83%, representing 56.20% of total FX usage, primarily driven by financial services, travel, and other offshore obligations. Despite the expansion in domestic refining capacity, petrol imports still made up 62.47% of total fuel consumption in 2025.