Nigeria Exports 55m Barrels as Dangote Faces Crude Shortage

Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026, even as the Dangote Petroleum Refinery struggled with inadequate domestic feedstock supply.

Data from the Central Bank of Nigeria showed exports of 31.31 million barrels in January and 24.08 million barrels in February, leaving about 26.55 million barrels for local refineries.

Despite Nigeria’s status as Africa’s top producer, the 650,000 bpd Dangote refinery has repeatedly complained of receiving far below its required volumes, forcing it to import crude.

Between October 2025 and mid-March 2026, the refinery faced a shortfall of about 79.53 million barrels, receiving only 29.21 million barrels against an estimated 108.74 million barrels needed. This equates to just 26.9% supply performance.

Dangote said it requires 19.77 million barrels monthly but received far less — only 4.55m in October, 6.45m in November, 4.30m in December, 5.65m in January, and 4.66m in February. For March, just 3.6m barrels were delivered in the first half.

The refinery blamed local producers for refusing to supply crude as required under the Petroleum Industry Act, while NNPC confirmed it was sourcing third-party crude at international prices to support operations.

Fuel prices rose above ₦1,300 per litre during the Iran–US war before being reduced to ₦1,250, with Dangote defending the hikes as a result of costly imported crude.

Industry stakeholders, including the Crude Oil Refiners Association of Nigeria, have urged increased supply to local refineries, stressing that consistent feedstock is essential for profitability and energy security.