Oil import FX demand jumps 115% despite local production
Nigeria’s foreign exchange demand for oil sector imports surged by 115% in 2025, as revealed by the CBN. Discover the impact of this oil import FX jump. Read More: https://punchng.com/oil-import-fx-demand-jumps-115-despite-local-production/
Foreign exchange demand for oil imports in Nigeria surged by 114.91 percent in 2025, a new report reveals. This surge is primarily due to continued reliance on imported petroleum products and related inputs, despite local production and refining of crude to produce petrol, diesel, and aviation fuel. According to the Central Bank of Nigeria's 2025 Annual Report and Statement of Accounts, foreign exchange utilized for oil sector imports rose to $4.86 billion, up from about $2.26 billion in 2024.
The report highlighted that petroleum-related imports accounted for 25.91 percent of the total import-related foreign exchange utilisation during the year.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
