Nigeria earns ₦998.5bn from petrol exports in six months as Dangote drives turnaround

Nigeria earned ₦998.50 billion from petrol exports in the first half of 2026, a sharp reversal for a country that was still a major importer of Premium Motor Spirit a year earlier. Of that total, ₦621.72 billion worth of petrol was shipped to African markets, according to trade figures reported by the National Bureau of Statistics.

Petrol prices, however, have risen sharply during 2026. The export boom has not yet delivered cheaper fuel at Nigerian filling stations.

Exports six times higher than 2025

By the second quarter of 2026, petrol had become Nigeria's seventh-largest export, generating ₦546.02 billion, or 2.02% of total exports. That Q2 figure is more than six times the ₦85.83 billion recorded in the same period of 2025.

The shift is stark when set against Nigeria's recent import bill. In the first quarter of 2025 alone, the country spent about ₦1.76 trillion importing PMS. The latest numbers come from the NBS Q2 2026 Foreign Trade Statistics report.

Analysts largely credit the 650,000-barrel-per-day Dangote Petroleum Refinery for the change. As production ramped up, Nigeria cut its reliance on imported refined products and built enough capacity to serve regional markets.

Dangote supplies 75% of domestic petrol

Domestic refineries, led by Dangote, supplied about 75% of Nigeria's petrol between January and July 2026, according to an analysis of NMDPRA data. By August, domestic PMS receipts had climbed to 35.9 million litres per day, against imports of 14.6 million litres daily.

Investment analyst Abeeblahi Rufai said the refinery's location gives it an edge in supplying African countries, because shorter shipping distances cut freight and logistics costs. He also noted that disruption to global fuel flows during the Iran conflict raised demand for suppliers outside the Middle East, strengthening Nigeria's hand in regional petroleum trade.

Economist Ayo Teriba said Dangote first concentrated on replacing imports before moving into exports of petrol, diesel and aviation fuel.

What it means for motorists

For Nigeria, the transformation matters because a product that once swallowed huge amounts of foreign exchange is now an export earner. For motorists, the question is when expanding refining and export capacity will bring sustained relief at the pump.

Competition is already building. The Federal Government has approved the importation of 830,000MT of petrol for the fourth quarter of 2026, ahead of higher demand during the Christmas and New Year festivities. The approval came as Dangote Petroleum Refinery cut its petrol prices below estimated import landing costs.