Crude becomes Nigeria’s third largest import as local refineries seek foreign oil

Nigeria Spends N1.2tn on Crude Imports Amid Declining Local Production

The National Bureau of Statistics (NBS) revealed in its latest Foreign Trade in Goods Statistics report for Q1 2025 that Nigeria imported crude oil worth N1.2 trillion as local production faltered—classified under “Petroleum oils and oils obtained from bituminous minerals, crude,” imported crude ranked as the country’s third most imported product during the period. Accounting...

Nigeria Imports N1.2tn Crude Amid Supply Challenges - Economic Confidential

Nigeria Imports N1.2tn Crude Amid Supply Challenges Nigeria imported N1.19 trillion worth of crude oil in the first quarter of 2025 due to insufficient local production, despite being the continent’s leading oil producer. The National Bureau of Statistics disclosed this in its latest Foreign Trade in Goods Statistics report for Q1 2025, which showed that […] The post Nigeria Imports N1.2tn Crude Amid Supply Challenges appeared first on Economic …

Crude becomes Nigeria’s third largest import as local refineries seek foreign oil

Nigeria spent N1.19 trillion importing crude oil in the first quarter of 2025, making it the third most imported commodity in the country during the period, according to the National Bureau of Statistics (NBS).  The post Crude becomes Nigeria’s third largest import as local refineries seek foreign oil  appeared first on Nairametrics.