Nigeria's Crude Exports Hit 55.39 Million Barrels Amid Shortage

In the first two months of 2026, Nigeria exported a total of 55.39 million barrels of crude oil, with 31.31 million barrels shipped in January and 24.08 million barrels in February. The average daily export was 1.46 million barrels in January, dropping to 1.31 million barrels per day in February.

Despite these strong export figures, Dangote Petroleum Refinery struggled with a severe shortage of local crude supply, receiving only five cargo shipments per month instead of the required thirteen. This shortfall forced the refinery to rely on imports, as it faced a supply constraint of approximately 79.53 million barrels from October 2025 to mid-March 2026.

The refinery requires about 19.77 million barrels of crude monthly to operate at full capacity but received only 29.21 million barrels over five and a half months, translating to a supply performance of just 26.9%. The situation has led to increased fuel prices, with petrol pump prices rising above N1,300 per liter before being reduced to N1,250 per liter.