Nigeria’s energy landscape underwent a dramatic shift in the first quarter of 2026 as crude oil imports surged to $1.39bn.
Data from the Central Bank of Nigeria reveals a staggering 308.82 percent increase from the $340m recorded late last year.
This unexpected import boom comes despite Nigeria’s established status as the largest oil-producing nation on the entire African continent.
The primary driver behind this trend is the massive Dangote Petroleum Refinery increasingly sourcing feedstock from various international markets.
To sustain its rapid expansion and boost production volumes, the private refinery has aggressively supplemented domestic supplies with imported grades.
Interestingly, this massive influx of foreign crude oil accounted for nearly 82 percent of Nigeria’s total petroleum-related imports this quarter.
Conversely, the massive domestic production push triggered an 87.5 percent collapse in the importation of refined petroleum products.
Fuel imports plummeted to just $310m, down drastically from the $2.48bn recorded in the final quarter of 2025.
The apex bank highlighted this sharp decline as a pivotal factor that greatly strengthened Nigeria’s overall external economic position.
Simultaneously, outbound shipments of locally processed fuel climbed by over twenty percent, reaching $2.37bn during this review period.
