Nigeria’s refined petroleum product exports climbed to $3.94 billion (nearly $4 billion) in the second quarter of 2026, up 148 percent from $1.59 billion a year earlier, as rising refinery output began reshaping the country’s energy trade. The quarterly figure also marked a 66.2 percent increase from $2.37 billion in the first quarter.

The figures, contained in the Central Bank of Nigeria’s Balance of Payments Highlights for the first and second quarters of 2026, point to a sharp expansion in refined-product earnings. The CBN did not provide comparable refined petroleum export data in its first-quarter 2025 report, limiting the available year-earlier comparison.

Refining changes export mix

Domestic crude supply is helping drive that shift. Local refineries received 53.7 million barrels of crude oil and condensate in the second quarter, with Dangote accounting for most of the supply. The refinery said it required 63 million barrels during the quarter, while producers offered 68.1 million barrels.

Dangote ultimately accepted 52.6 million barrels, or about 78 percent of the volume offered to it, according to the quarterly data. The scale of those flows underscores the growing importance of domestic refining capacity as Nigeria seeks to convert more of its crude into products for local consumption and export.

UK trade shows shift

Nigeria’s changing export mix is also showing up 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, according to reports, indicating that processed fuels are becoming a more prominent part of the bilateral energy trade.

The export surge is also visible in seaborne shipments. The U.S. Energy Information Administration said Nigeria’s seaborne petroleum product exports reached 350,000 barrels per day in the second quarter, compared with an annual average of 46,000 barrels per day in 2023.

Europe takes more Nigerian fuel

Total seaborne petroleum product shipments averaged 561,000 barrels per day during the quarter, according to the EIA. Europe received about 130,000 barrels per day, up from 40,000 barrels per day in 2025 and 15,000 barrels per day in 2023, while other African markets took nearly 120,000 barrels per day.

Nigeria also shipped about 110,000 barrels per day to Asia and Oceania during the quarter, widening the geographic reach of its refined-product exports. The figures suggest that domestic refining is increasingly feeding markets beyond Nigeria, although export values will continue to depend on product prices, refinery utilization and crude availability.

Import bill drops sharply

The shift is mirrored by a dramatic decline in Nigeria’s petrol import bill. The country spent N87.4 billion, or $65.6 million, on petrol imports in the first quarter of 2026, down from N2.27 trillion, or $1.7 billion, in the same quarter of 2025.

Taken together, the export and import figures show a changing role for refining in Nigeria’s petroleum economy. Higher domestic processing is supporting refined-product exports while sharply reducing the need for imported petrol, giving the country a larger role in regional fuel trade and a new channel for generating foreign-exchange earnings.