Nigeria’s Paradox: $5B in Imports Despite $24. 5B Crude Exports. Lagos, Nigeria — April 21, 2026 Nigeria’s position as a major crude oil exporter is juxtaposed against a paradoxical trend: the country imported nearly $5 billion worth of U.
S. Crude oil between January 2024 and January 2026, despite exporting a staggering $24. 5 billion worth of its own crude during the same period.
This discrepancy highlights the challenges Nigeria faces in refining its domestic crude oil, leading to a reliance on foreign feedstock.
The primary driver of this trend is the Dangote Refinery, which commenced operations in 2024 and has significantly increased the demand for imported crude.
The Dangote Refinery, with its capacity to process over 19 million barrels of crude oil monthly, has necessitated imports from the United States, Ghana, and other producers. Despite Nigeria’s status as a major crude oil exporter, the domestic supply shortfall, often tied to long-term contracts and pipeline issues, has constrained the country’s refining capabilities.
The surge in imports, totaling approximately 61. 7 million barrels, has reversed nearly a decade of negligible trade between the U. S.
And Nigeria. This shift, coinciding with the Dangote Refinery’s operations, underscores the structural imbalances within Nigeria’s oil sector. Despite the reliance on imported crude, Nigeria’s export figures remain substantial.
In 2025, for instance, the country exported nearly 306. 7 million barrels of crude, worth an estimated $24. 5 billion.
This trend continued into 2026, with over 55 million barrels exported in the first two months of the year.
The Federal Ministry of Finance and the Nigerian National Petroleum Company (NNPC) have reported that Nigeria’s “Naira-for-crude “policy, introduced in October 2024, has aimed to lower the country’s petroleum import bill and improve supply security.
However, the policy’s effectiveness has been hampered by persistent domestic supply shortfalls and global market volatility.
As Nigeria grapples with these challenges, the country’s ability to maintain its position as a significant player in the global oil market remains uncertain.
The paradox of importing U. S. Crude while exporting billions worth of its own crude underscores the critical need for sustainable solutions to enhance Nigeria’s refining capacity and reduce its dependence on foreign crude oil.
*Additional reporting by ImNews | Sources consulted: 3*
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By This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Segun Adeyemi
