Nigeria Refined Petroleum Exports Jump 148% to $3.94bn in Q2 2026 — CBN

LAGOS, Nigeria — 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 corresponding period of 2025, as the country’s refining sector continued to expand.

Kanyi Daily reports that the figures are drawn from the Central Bank of Nigeria’s (CBN) Balance of Payments Highlights for the first and second quarters of 2026, with the Q2 2026 figure also representing a 66.2% increase from the $2.37 billion recorded in Q1 2026.

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 refinery lifted activity across the sector.

Domestic crude oil and condensate supply to local refineries reached 53.7 million barrels in Q2 2026, with Dangote accounting 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 approximately 78% of the volume offered.

Nigeria’s changing export mix is also evident in trade with the United Kingdom, where 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.

According to the U.S. Energy Information Administration (EIA), Nigeria’s seaborne petroleum product exports reached 350,000 barrels per day in Q2 2026, compared with an annual average of 46,000 barrels per day in 2023, with total seaborne petroleum product shipments averaging 561,000 barrels per day during the quarter. Europe received approximately 130,000 barrels per day, up from 40,000 barrels per day in 2025 and 15,000 barrels per day in 2023. Other African markets received nearly 120,000 barrels per day and Asia and Oceania received approximately 110,000 barrels per day during the quarter.

Nigeria’s petrol import bill fell to ₦87.40 billion (approximately $57 million) in Q1 2026, from ₦2.27 trillion (approximately $1.48 billion) in Q1 2025.