Dangote Refinery Drives Nigeria's Petrol Export Surge

Nigeria has transformed from a major petrol importer to a significant exporter, earning ₦998.50 billion from Premium Motor Spirit (PMS) exports in the first half of 2026. This includes ₦621.72 billion worth of petrol shipped to African markets, as reported by the National Bureau of Statistics.

Despite this export boom, domestic petrol prices have risen sharply in 2026, meaning the benefits of being an exporter have not yet translated into lower prices for consumers. In early 2025, Nigeria spent ₦1.76 trillion on petrol imports, but by the second quarter of 2026, petrol became the country's seventh-largest export, generating ₦546.02 billion.

Analysts attribute this shift to the 650,000-barrel-per-day capacity of Dangote Petroleum Refinery, which supplied about 75% of Nigeria's petrol from January to July 2026. The refinery's strategic location reduces shipping costs to African countries, and the global fuel flow disruptions have increased demand for Nigerian petrol.