Nigeria Petroleum Exports Surge Sevenfold via Dangote Refinery

Nigeria's seaborne petroleum product exports grew sevenfold between 2023 and the second quarter of 2026, according to the United States Energy Information Administration. Shipments averaged 561,000 barrels per day in early 2026, compared to 79,000 barrels per day in 2023, with exports reaching 350,000 barrels per day primarily to Europe and other African nations.

This growth is driven by the Dangote Petroleum Refinery, which opened in January 2024 and expanded its crude distillation capacity to 700,000 barrels per day in February 2026. The refinery's operations have significantly reduced Nigeria's reliance on foreign fuel, with seaborne imports dropping from nearly 400,000 barrels per day in 2023 to under 130,000 barrels per day by the second quarter of 2026. International demand for Nigerian products was further bolstered by supply disruptions in the Strait of Hormuz.

The refinery intends to add another 700,000 to 750,000 barrels per day of capacity by the end of 2028. This expansion, for which equipment has been procured and contracts awarded, could bring total capacity to approximately 1.4 million to 1.45 million barrels per day.