CBN disburses $1.25bn for oil and gas imports in Q1 2025
The Central Bank of Nigeria (CBN) disbursed a total of $1.25 billion for importation purposes in the oil and gas sector during the first quarter of 2025, according to the Bank’s latest quarterly report.
The figure underscores Nigeria’s continued dependence on imported petroleum products despite being Africa’s largest oil producer.
Breakdown of the report shows that $457.83 million was released in January, $283.54 million in February, and $517.55 million in March 2025.
A BusinessDay analysis of the data indicates that the total amount represents over a 100 percent increase from the $522.9 million released for the same purpose between January and March 2024. However, it marks a decline from the $2.26 billion disbursed for oil sector imports between January and December 2024.
Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently reported that Nigeria imported about 15.01 billion litres of Premium Motor Spirit (petrol) from August 2024 to the first 10 days of October 2025.
Speaking to BusinessDay on the development, energy analyst Zakka Bala said Nigeria’s persistent reliance on imported refined petroleum products despite its substantial crude oil production reflects a flawed government approach.
He argued that the country has long operated an import-dependent model, which is contradictory for a major oil-producing nation.
“You cannot be producing crude oil and at the same time importing the refined product derived from that same crude,” Bala said.
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Citing countries such as the United States, Iran, Saudi Arabia, and Qatar, which prioritize refining their own crude, Bala emphasised that Nigeria’s system is “completely wrong,” adding that the government must boost domestic refining capacity to meet local demand.
The CBN report further showed that $2.31 billion was released for industrial sector imports in the same period, representing the highest sectoral allocation.
Additionally, $550.09 million was disbursed for food imports, $142.83 million for the transport sector, $59.06 million for the mineral sector, and $57.2 million for agriculture, the lowest allocation among the sectors between January and March 2025.
