Nigeria’s US crude oil imports from the USA rise to 42m barrels in 10 months

Nigeria’s crude oil imports from the United States rose to more than 42 million barrels in the first 10 months of 2025, marking a sharp year-on-year increase driven largely by rising refinery demand.
 

Data from the US Energy Information Administration showed that between January and October 2025, Nigeria imported 42.13 million barrels of crude oil from the US, compared with 15.79 million barrels during the same period in 2024. This represents an increase of about 167 percent.
 

The surge has been linked mainly to increased crude requirements by the Dangote Petroleum Refinery. In contrast, Nigeria’s crude imports from the US in 2024 were relatively unstable, failing to exceed four million barrels for most of the year and dropping sharply to 1.04 million barrels in June.
 

Nigeria did not import US crude in January 2025. However, imports resumed in February with 3.11 million barrels, slightly below the 3.61 million barrels recorded in February 2024. Imports then climbed to 5.25 million barrels in March 2025, up from about 1.83 million barrels in March 2024.
 

According to the data, Nigeria imported 3.79 million barrels in May 2025, about 1.71 million barrels higher than the figure recorded a year earlier. Imports rose significantly to 9.16 million barrels in June 2025, before easing to 4.17 million barrels in July, slightly above July 2024 levels. August followed with imports of 6.24 million barrels, while September and October each recorded steady volumes of 4.19 million barrels.
 

Analysts cited by Petroleumprice.ng attributed the rising imports to Nigeria’s growing need for crude oil feedstock as privately owned refineries expand operations across the country.
 

“With 42.13 million barrels already imported in ten months, Nigeria’s US crude intake has nearly tripled year-on-year. If current trends persist, full-year volumes could rise further,” the analysts said.
 

They added that the data point to a gradual ramp-up in crude intake at the Dangote Petroleum Refinery, where US light sweet crude has become a preferred feedstock due to its suitability for complex refining processes.
 

Commenting on the development, petroleum economist Wumi Iledare described the increase as a structural shift with significant economic implications.
 

“The sharp increase in Nigeria’s crude oil imports from the United States—rising to over 42 million barrels in the first ten months of 2025—marks a structural shift with important macroeconomic and sectoral consequences,” he said.

He noted that the overall impact on the Nigerian economy would depend on exchange rate stability, domestic crude allocation efficiency, and refinery utilisation levels.
 

“Crude oil imports will influence petroleum product prices and inflation largely through the exchange rate channel. If macroeconomic stability is preserved and refinery utilisation remains high, the net effect can be positive for output, income, and employment,” Iledare said.