Nigeria exported a total of 55.39 million barrels of crude oil in the first two months of 2026, even as the Dangote Petroleum Refinery grappled with a persistent shortage of domestic crude supply.
Data from the Central Bank of Nigeria showed that crude exports stood at 31.31 million barrels in January and 24.08 million barrels in February, leaving approximately 26.55 million barrels available for local refining.
Despite being Africa’s largest oil producer, Nigeria has struggled to meet the feedstock demands of its biggest refinery. The 650,000 barrels-per-day Dangote facility has repeatedly raised concerns over inadequate crude allocation, forcing it to rely on imports to sustain operations.
Between October 2025 and mid-March 2026, the refinery recorded a supply shortfall of about 79.53 million barrels. It received only 29.21 million barrels out of the estimated 108.74 million barrels required during the period, translating to a supply performance of just 26.9 percent.
Breakdown of deliveries shows the refinery received 4.55 million barrels in October, 6.45 million in November, 4.30 million in December, 5.65 million in January, and 4.66 million in February. In March, only 3.6 million barrels were supplied within the first half of the month.
The refinery has attributed the shortfall to local oil producers’ failure to meet supply obligations under the Petroleum Industry Act, raising concerns over compliance within the upstream sector.
Meanwhile, the Nigerian National Petroleum Company Limited confirmed it has been sourcing crude from third-party suppliers at international market prices to support refinery operations.
The supply gap has had ripple effects on fuel pricing. Petrol prices surged above ₦1,300 per litre during the recent Iran–US tensions before easing to around ₦1,250, with the refinery linking the increase to the high cost of imported crude.
Industry stakeholders, including the Crude Oil Refiners Association of Nigeria, have called for improved crude supply to domestic refineries, stressing that consistent feedstock is critical for profitability, price stability, and national energy security.
The development highlights ongoing challenges in Nigeria’s oil sector, where export priorities continue to compete with domestic refining needs.
