Nigeria’s refined petroleum exports hit $3.94bn in Q2 2026, up 148%

Nigeria’s refined petroleum product exports rose to $3.94 billion in the second quarter of 2026, up 148% from $1.59 billion in the same period of 2025. The figure was also 66.2% higher than the $2.37 billion recorded in the first quarter of 2026.

The data is based on the Central Bank of Nigeria’s Balance of Payments Highlights for the first and second quarters of 2026. The CBN did not provide comparable data for refined petroleum product exports in its Q1 2025 report.

Quarter-on-quarter and yearly gains

Nigeria’s refined petroleum exports increased by $2.35 billion year-on-year in Q2 2026. Quarter-on-quarter, exports grew by $1.57 billion from Q1 2026. The increase suggests refined petroleum products made a larger contribution to Nigeria’s external trade earnings during the second quarter.

The performance comes amid expanding domestic refining activity, led by the Dangote Petroleum Refinery. Nigeria’s oil refining sector recorded year-on-year growth of 43.94% in Q2 2026, its strongest quarterly expansion, as increased output from the Dangote Petroleum Refinery lifted activity.

Crude supply and export mix

Domestic crude oil and condensate supply to local refineries reached 53.7 million barrels in Q2 2026. Dangote accounted for the overwhelming share of crude offered to domestic refiners. The refinery required 63 million barrels during the quarter, while producers offered 68.1 million barrels. It eventually accepted 52.6 million barrels, equivalent to about 78% of the volume offered to it.

Nigeria’s changing export mix is also evident in trade with the United Kingdom. Refined petroleum products accounted for a larger share of the UK’s imports from Nigeria than crude oil in the 12 months ended March 2026, signalling a shift in the composition of energy exports to one of the country’s major trading partners.

Seaborne exports and import bill

According to the U.S. Energy Information Administration, Nigeria’s seaborne petroleum product exports reached 350,000 b/d in Q2 2026. That compares with an annual average of 46,000 b/d in 2023. Total seaborne petroleum product shipments averaged 561,000 b/d during the quarter.

Europe received about 130,000 b/d, up from 40,000 b/d in 2025 and 15,000 b/d in 2023. Other African markets received nearly 120,000 b/d. Nigeria also exported about 110,000 b/d to Asia and Oceania during the quarter.

Nigeria’s petrol import bill fell to N87.40 billion in Q1 2026, from N2.27 trillion in Q1 2025.

What it means for Nigeria

The rise in refined petroleum exports points to the growing role of domestic refining in Nigeria’s export earnings. A lower petrol import bill and stronger refined product receipts could ease pressure on the naira if the trend holds, though crude supply, refinery use and global product prices will shape the outcome.