Nigeria's Refined Petroleum Exports Hit $3.94 Billion in 2026

In the second quarter of 2026, Nigeria's refined petroleum product exports surged to $3.94 billion, marking a 148% increase from $1.59 billion in the same period of 2025. This figure also represents a 66.2% rise from the $2.37 billion recorded in the first quarter of 2026.

The data, analyzed by Nairametrics from the Central Bank of Nigeria’s Balance of Payments Highlights, indicates a significant year-on-year increase of $2.35 billion in refined petroleum exports. The growth is attributed to expanding domestic refining activities, primarily led by the Dangote Petroleum Refinery, which contributed to a 43.94% year-on-year growth in the oil refining sector in Q2 2026.

Domestic crude oil and condensate supply to local refineries reached 53.7 million barrels in Q2 2026, with Dangote accounting for the majority of crude supplied. Notably, refined petroleum products surpassed crude oil in Nigeria's exports to the UK in the 12 months ending March 2026, indicating a shift in export composition.

Additionally, Nigeria's petrol import bill decreased significantly to N87.40 billion in Q1 2026 from N2.27 trillion in Q1 2025.