Nigeria’s Oil Import FX Demand Soars 115% to $4.86bn — CBN
According to PUNCH, the figure was contained in the Central Bank of Nigeria’s 2025 Annual Report and Statement of Accounts, which showed that foreign exchange utilised for oil-sector imports rose sharply from about $2.26bn in 2024 to $4.86bn in 2025.
Petroleum related imports accounted for 25.91 per cent of the total foreign exchange utilised for visible imports during the year, making the oil sector the second-largest consumer of FX among visible imports.
The development comes despite efforts to boost domestic refining and reduce Nigeria’s dependence on imported petrol, diesel, aviation fuel and other petroleum products.
The apex bank said aggregate foreign exchange utilisation across the economy increased significantly in 2025, largely driven by higher demand for invisible imports and increased import-related transactions.
“A disaggregation showed that $18.76bn (43.80 per cent) of the total foreign exchange was utilised for visible imports, relative to $15.62bn in 2024. Of the foreign exchange utilised in total visible imports, industrial sector imports were dominant at 42.11 per cent,” the CBN stated.
Of the total FX utilised during the year, visible imports accounted for $18.76bn, representing 43.80 per cent, compared with $15.62bn in 2024.
The industrial sector remained the largest consumer of foreign exchange among visible imports, accounting for 42.11 per cent, followed by the oil sector at 25.91 per cent.
Manufactured products accounted for 15.64 per cent, food products 10.51 per cent, transport 3.78 per cent, minerals 1.04 per cent and agriculture 1.00 per cent.
The CBN said petroleum imports recorded the highest increase among the major import categories during the year.
“A further analysis showed that the amount utilised for oil sector import rose by 114.91 per cent to $4.86bn. Utilisation for manufactured products rose by 61.70 per cent to $2.93bn, while the transport sector increased by 52.17 per cent to $0.71bn, and the agricultural sector by 20.71 per cent to $0.19 billion,” the report stated.
However, FX utilisation fell in some sectors. The industrial sector recorded a marginal 0.76 per cent decline to $7.90bn, while utilisation for food products and minerals fell by 22.01 per cent and 54.85 per cent to $1.97bn and $0.19bn, respectively.
The report further showed that invisible transactions accounted for a larger share of Nigeria’s FX utilisation than visible imports in 2025.
FX utilisation for invisible transactions stood at $24.07bn, representing 56.20 per cent of total utilisation, up 113.83 per cent from $11.26bn in 2024.
The increase reflected higher demand for services, travel and other offshore financial obligations during the year.
