Seaborne petroleum product exports from Nigeria have grown sevenfold since 2023, reaching an average of 561,000 barrels per day in the second quarter of 2026.
The U.S. Energy Information Administration attributed the significant increase in exports to improved regional fuel trade flows and boosted supplies to Europe and Africa, following the operations of the Dangote refinery in Nigeria.
Dangote Refinery Drives Nigeria's Oil Exports Growth
The Dangote Group's Dangote Petroleum Refinery, located in the Lekki Free Zone near Lagos, began operations in 2024 and is the country's largest refinery. With the increased supply of petroleum products in Nigeria from the country's largest refinery, imports fell, exports increased, and Nigeria became more self-sufficient in refined petroleum products, according to the EIA.
Regional Trade Flows Get a Boost
Seaborne petroleum product shipments from Nigeria averaged 561,000 barrels per day in the second quarter of 2026, compared with an annual average of 79,000 bpd in 2023, Vortexa data showed. Of those shipments, 350,000 bpd were exported during that period, compared with an annual average of 46,000 bpd in 2023.
Nigeria's Growing Role in Global Oil Markets
Nigeria's seaborne petroleum product exports to Europe rose to 130,000 bpd in the second quarter of 2026 from 40,000 bpd in 2025 and 15,000 bpd in 2023, while exports to Africa climbed to nearly 120,000 bpd from 89,000 bpd a year earlier. The increased supply of petroleum products in Nigeria has also led to a reduction in imports, with seaborne imports falling to less than 130,000 bpd in the second quarter of 2026, down from nearly 400,000 bpd in 2023.
Dangote Refinery's Capacity Expansion
The maintenance and expansion of the Dangote refinery in February 2026 increased the facility's crude oil distillation capacity from 650,000 bpd to 700,000 bpd. Intra-Nigerian shipments rose to 211,000 bpd in the second quarter of 2026, up from 81,000 bpd in 2025 and 33,000 bpd in 2023.
As Nigeria's oil exports continue to grow, the country is likely to play an increasingly important role in global oil markets. The Dangote refinery's operations and capacity expansion are expected to drive further growth in Nigeria's oil exports, solidifying the country's position as a major player in the global oil trade.
Source: Joy Online
