Dangote Refinery Fuels 37.46% Growth in Oil Sector

The Centre for the Promotion of Private Enterprise (CPPE) reported a remarkable 37.46% growth in Nigeria's petroleum refining sector for the first quarter of 2026, primarily attributed to the operations of Dangote Refinery. This growth comes amid rising global demand for Nigerian refined petroleum products and ongoing geopolitical tensions in the Middle East, which have disrupted the global energy market.

The National Bureau of Statistics (NBS) revealed that Nigeria's year-on-year real GDP growth reached 3.89% in Q1 2026, an increase from 3.13% in Q1 2025. Dr. Muda Yusuf, Chief Executive Officer of CPPE, noted that the petroleum refining sector, along with real estate and mining, showed strong performance in the GDP report.

The construction and real estate sectors contributed nearly 18% to the GDP, reflecting sustained infrastructure investment and growing investor interest. The report also indicated that the quarrying and mining sector grew by 23.41%, while the cement sector expanded by 11.53%.