By Our Correspondent

National News – Nigeria has imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, despite exporting significantly larger volumes during the same period.

Data from the US Energy Information Administration reveals that the surge in imports began in 2024, driven largely by domestic refinery demand, particularly from the Dangote Refinery.

The development highlights a growing reliance on foreign crude to sustain local refining operations.

Analysts note that imports intensified after the Dangote refinery commenced operations in 2024, requiring steady feedstock to meet capacity demands.

In 2024 alone, Nigeria imported about 15.7 million barrels of US crude within six months.

The volume rose sharply in 2025, reaching 41.06 million barrels between February and December, with peak inflows recorded in June.

By January 2026, imports stood at 4.93 million barrels, bringing the total to 61.7 million barrels over two years.

Paradoxically, Nigeria exported over 300 million barrels of crude in the first 10 months of 2025 and an additional 55.39 million barrels in January and February 2026, according to data from the Central Bank of Nigeria.

This means a large portion of locally produced crude is sold abroad, leaving domestic refineries undersupplied.

Industry experts say the imbalance stems from supply chain constraints, contractual obligations, and inadequate allocation to local processors.

The Dangote refinery, one of the world’s largest single-train facilities, reportedly requires over 19 million barrels monthly, forcing it to source crude from the US and other countries, including Ghana.

The situation underscores ongoing challenges in Nigeria’s oil sector, where production strength contrasts sharply with refining limitations.

Stakeholders warn that unless domestic supply improves, reliance on imported crude may continue despite Nigeria’s status as a leading oil producer.