Nigeria earns $3.94bn from refined petroleum exports in three months

Nigeria’s refined petroleum product exports rose sharply to $3.94 billion in the second quarter of 2026, representing a 148 per cent increase compared with $1.59 billion recorded in the same period in 2025.

The figure also represents a 66.2 per cent increase from the $2.37 billion recorded in the first quarter of 2026.

The figures were obtained from an analysis of the Central Bank of Nigeria’s Balance of Payments Highlights for the first and second quarters of 2026.

The CBN did not provide comparable figures for refined petroleum product exports in its first quarter 2025 report.

The latest increase shows that refined petroleum products are becoming more important to Nigeria’s export earnings as activity in the domestic refining sector expands.

The country’s refining sector recorded 43.94 per cent year-on-year growth in the second quarter of 2026, its strongest quarterly growth, following increased production by the Dangote Petroleum Refinery.

Nigeria’s refined petroleum exports increased by $2.35 billion compared with the second quarter of 2025. On a quarterly basis, exports rose by $1.57 billion from the first quarter of 2026.

The growth also comes as more crude oil is being supplied to local refineries.

During the second quarter, domestic crude oil and condensate supply to local refineries reached 53.7 million barrels. The Dangote refinery accounted for most of the crude supplied to domestic refiners.

The refinery required 63 million barrels during the quarter, while oil producers offered 68.1 million barrels. It eventually accepted 52.6 million barrels, representing about 78 per cent of the crude offered to it.

Nigeria’s export pattern is also changing in some major markets.

Refined petroleum products accounted for a larger share of the United Kingdom’s imports from Nigeria than crude oil in the 12 months ended March 2026.

Data from the US Energy Information Administration showed that Nigeria’s seaborne petroleum product exports reached 350,000 barrels per day in the second quarter of 2026.

This was significantly higher than the annual average of 46,000 barrels per day recorded in 2023.

Europe received about 130,000 barrels per day, while other African countries received nearly 120,000 barrels per day. Nigeria also exported about 110,000 barrels per day to Asia and Oceania.

Meanwhile, Nigeria’s petrol import bill fell sharply to N87.40 billion in the first quarter of 2026, compared with N2.27 trillion in the same period of 2025.

The rising value of refined petroleum exports, alongside the decline in petrol imports, points to the growing impact of domestic refining on Nigeria’s petroleum trade.