Nigeria’s foreign exchange demand for oil-sector imports surged by 114.91 per cent in 2025, highlighting the country’s continued reliance on imported petroleum products and related inputs.
This was disclosed in the recently released Central Bank of Nigeria’s 2025 Annual Report and Statement of Accounts, which showed that foreign exchange utilised for oil sector imports rose to $4.86bn, compared with about $2.26bn recorded in 2024.
The report indicated that petroleum-related imports remained the second-largest consumer of foreign exchange among visible imports, accounting for 25.91 per cent of the total import-related FX utilisation during the year. This, however, is despite the local production and refining of crude to get petrol, diesel, aviation fuel, etc.
According to the apex bank, aggregate foreign exchange utilisation across the economy expanded significantly in 2025, driven largely by increased demand for invisible imports and higher import-related transactions.
The report stated, “Aggregate utilisation of foreign exchange by economic sectors rose, driven by higher invisible imports. Foreign exchange utilisation increased by 59.36 per cent to $42.83bn, from $26.88bn in 2024.”
