Nigeria Earns N998.5bn From Petrol Exports But Spends N952.15bn On Imports

Nigeria earned N998.5 billion ($752.7 million) from petrol exports in the first half of 2026, more than six times the value recorded a year earlier. But the country also spent N952.15 billion importing petrol in Q2 2026 alone, according to SBM Intelligence and National Bureau of Statistics data.

Dangote Output Drives Export Earnings

SBM Intelligence said rising output from the Dangote Petroleum Refinery created growing volumes for the domestic market and export destinations. African markets accounted for more than 60 percent of the N998.5 billion export value, or about N621.72 billion.

Petrol exports accelerated in Q2 2026 to N546.02 billion, making PMS one of Nigeria’s major export commodities. Reuters reported that the refinery has also become a major exporter of refined products, with its expansion materially reducing Nigeria’s gasoline import dependence. The shift marks a striking reversal from only a few years ago, when Nigeria routinely spent trillions of naira importing petrol because domestic refineries could not meet national demand.

Import Bill Rises Almost 11-Fold

NBS data showed petrol imports rose to N952.15 billion in Q2 2026, compared with just N87.40 billion in Q1. The quarterly increase was almost 11-fold, even though the Q2 figure remained substantially below the corresponding level a year earlier. In Q2, Nigeria exported N546.02 billion worth of petrol while importing N952.15 billion worth of the same commodity.

Petrol imports accounted for 6.6 percent of Nigeria’s total imports of N14.42 trillion in Q2, making PMS the country’s largest imported commodity during the quarter. The Q2 import bill remained significantly below the level recorded in Q2 2025.

Volume data tells a different story. NMDPRA figures showed average petrol imports declined quarter-on-quarter from 11.23 million litres per day in Q1 to 9.23 million litres per day in Q2, even as the naira value of imports surged. This divergence suggests international prices, exchange rates and the composition of supplies played an important role in the higher import expenditure.

Domestic refining has continued to expand. NMDPRA data showed locally refined petrol supply rose strongly in early 2026, with domestic refineries supplying about 3.18 billion litres in Q1, compared with significantly lower volumes a year earlier.

Court Orders NMDPRA To Keep Issuing Licences

The Federal High Court in Abuja on September 28 ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue granting and renewing petroleum-products import licences to Matrix Energy, AA Rano and AYM Shafa, provided the companies satisfy the relevant statutory and regulatory requirements.

Justice Inyang Ekwo held that the regulator’s refusal to issue or renew the licences amounted to non-compliance with the Petroleum Industry Act (PIA). The court also held that relevant provisions of the PIA and the Federal Competition and Consumer Protection Act require the regulator to promote competition and prevent abuse of dominant positions in the midstream and downstream petroleum sector.

Matrix Energy, AA Rano and AYM Shafa argued that the PIA does not prohibit petroleum-product imports and that eligible operators should be able to obtain licences where they meet statutory requirements. They also cited their investments in storage, logistics and retail infrastructure. Dangote Refinery has separately challenged the continued issuance of import licences, arguing that imports should not undermine domestic refining when local supply is available.

Gas Pricing Transition Set For 2028

NMDPRA has targeted September 24, 2028 for the transition away from regulated domestic gas pricing towards a willing-buyer, willing-seller framework, subject to market and infrastructure conditions.

For the naira, the parallel rise in petrol export earnings and import spending leaves the currency exposed to both refined product trade flows and exchange rate movements. For consumers, the court ruling and expanding domestic refining capacity will shape competition and pump prices in the months ahead.