Crude oil imports hit record high as Dangote Refinery reshapes trade flow

•More vessels present crude oil, load refined products — Consultant

•We are seeing favourable commercialized balance, overseas speech — MEMAN

By Udeme Akpan &Godwin Oritse,

Nigeria has recorded a crisp summation successful its crude lipid imports by 26.5 per cent to 5,665,602 metric tons successful the archetypal fractional of 2025 (H1’25), from 4,478,413 metric tons successful the corresponding play of 2024.

The improvement was attributed to the interaction of the 650,000 barrels per day, bpd Dangote Petroleum Refinery, which imported crude lipid from galore nations, including the United States, Brazil, Angola, and Equatorial Guinea.

However, Financial Vanguard’s quarterly investigation revealed a mixed picture, indicating that successful Q1’25, crude imports stood astatine 2,400,553 metric tons, 30 per cent little than the 3,037,209 metric tons recorded successful Q1’24, according to caller information from the Nigerian Ports Authority, NPA.

But successful Q2’25, crude lipid imports surged to 3,265,099 metric tons, 126 per cent much than the 1,441,204 metric tons posted successful Q2’24.

The Dangote Refinery started operations connected May 22, 2023 and refining diesel and aviation substance successful January 2024 aft receiving its archetypal crude successful December 2023.

Since then, the refinery has imported galore shipments of crude lipid into Nigeria portion exporting cargoes of petroleum products to the planetary market.

Specifically, the federation exported 998,500 metric tons of Premium Motor Spirit (PMS), besides known arsenic petrol successful H1’25, representing a 7.45 per cent decline, compared to the 1,078,912 metric tons successful H1’24, according to NPA.

Low output impacts home crude proviso — Reports

In its Domestic Crude Oil Supply Obligation, the authorities had planned to nutrient 2.06 cardinal barrels per day, bpd, including Condensate, during the period.

Of the 2.06 cardinal bpd planned output, 770,500 bpd, astir 37 per cent was to beryllium supplied to the home refineries, including Dangote Petroleum Refinery, to alteration them prolong operations.

However, NUPRC disclosed successful its reports titled ‘Crude Oil and Condensate Production’ that the federation produced 1.737 cardinal bpd, 1.671 cardinal bpd, 1.603 cardinal bpd, 1.683 cardinal bpd, 1.657 cardinal bpd and 1.697 cardinal bpd successful January, February, March, April, May, June and July 2025, respectively.

It maintained that a full of “67,657, 559 barrels were delivered to section refiners betwixt January and August 2025.”

Bulk of crude dedicated to aboriginal contracts — CPPE

In his reaction, Chief Executive Officer, Centre for the Promotion of Private Sector Enterprise, CPPE, Dr. Muda Yusuf, said Dangote Refinery’s reliance connected overseas crude was a effect of Nigeria’s constrained home supply.

He explained that overmuch of Nigeria’s crude output had been committed done guardant income agreements to planetary buyers, leaving constricted availability for section refiners.

He said: “Over time, a important information of our crude has been sold done guardant contracts, with payments collected successful beforehand to concern refinery turnaround attraction and different expenditures. That statement has constricted the measurement of crude disposable locally.

“Don’t forget, overmuch of Nigeria’s lipid accumulation is structured done associated ventures with International Oil Companies, IOCs, which limits unilateral home allocation. These are the realities Dangote Refinery is facing.”

More vessels present crude oil, load refined products — Consultant

On his part, a Maritime expert and consultant, Oluwabunmi Ogunjimi, noted that portion the refinery had not lone importantly added worth to Nigeria’s lipid and state industry, it had contributed to authorities gross done the outgo of vessel dues and different statutory taxes.

Ogunjimi said Dangote has the imaginable to go the biggest gross root for the Nigerian Ports Authority, peculiarly done the outgo of pilotage dues, fixed the monolithic sizes of vessels calling astatine the nation’s waters.

He explained that earlier the constitution of Dangote Refinery, crude lipid exploration and the logistics of refined products brought small oregon nary shipping value. However, the refinery has ...