Nigeria’s Refined Petroleum Exports Hit $3.94bn as Fuel Imports Decline

Nigeria earned $3.94 billion from refined petroleum product exports in the second quarter of 2026, according to Central Bank of Nigeria balance-of-payments data. This was 148 per cent higher than the $1.59 billion recorded in the same period of 2025 and 66.2 per cent above the first quarter of 2026. The increase reflects rising local refining activity, led largely by the Dangote Petroleum Refinery. Domestic refineries received 53.7 million barrels of crude oil and condensate during the quarter, while Nigeria’s seaborne petroleum product exports reached about 350,000 barrels per day. Europe received roughly 130,000 barrels per day of these exports, other African countries took nearly 120,000 barrels per day, and Asia and Oceania received about 110,000 barrels per day. Meanwhile, Nigeria’s petrol import bill fell to N87.40 billion in the first quarter of 2026, from N2.27 trillion a year earlier. The figures point to a major shift in Nigeria’s petroleum trade, with locally refined products contributing more to export earnings while petrol imports fall.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.