Nigeria’s petrol export earnings surged to N998.50bn in the first half of 2026, marking a dramatic shift for a product that once ranked among the country’s biggest import expenses. Data from the National Bureau of Statistics showed that the country’s export earnings from Premium Motor Spirit, also known as petrol, jumped more than sixfold compared with the N85.83bn recorded in Q2 2025, with analysts linking the growth largely to rising output from the Dangote Petroleum Refinery and disruptions in global fuel markets.

The latest figures highlight how quickly Nigeria’s petroleum trade is changing. In Q2 2026 alone, petrol generated N546.02bn in export earnings, accounting for 2.02 per cent of total exports and placing PMS seventh among the country’s leading export commodities. Crude oil remained dominant at N12.91tn, followed by kerosene-type jet fuel, natural gas, urea, other petroleum gases and gas oil. African trading partners accounted for N621.72bn of Nigeria’s petrol export earnings during the first six months of the year.

The development marks a major turnaround from 2025, when Nigeria was still heavily dependent on imported petrol. In Q1 2025, the country spent about N1.76tn on PMS imports, while petrol did not feature among the leading exports. According to investment research analyst Abeeblahi Rufai, limited refining capacity, maintenance challenges at Dangote Refinery and strong domestic demand initially restricted the availability of petrol for export. As refinery operations expanded, however, the balance began to shift from import dependence towards export opportunities.

Analysts also pointed to disruptions in the international energy market following the Iran conflict as another factor supporting Nigeria’s petrol exports. Supply disruptions across the Middle East and restrictions affecting some major producers tightened global refined-product markets, creating opportunities for alternative suppliers. Rufai said Dangote Refinery’s location gives Nigerian refined products a logistical advantage in African markets because shorter shipping distances can reduce freight and transportation costs. CardinalStone Securities analyst Tomiwa Adeniji similarly noted that Nigeria’s refining capacity has expanded significantly, supporting the country’s transition towards becoming a net exporter of refined petroleum products.

The outlook could strengthen further if Nigeria succeeds in increasing crude oil production and maintaining higher refinery utilisation. Economic Associates CEO Dr Ayo Teriba said the Dangote Refinery’s initial focus was on replacing imported petrol before expanding into exports of PMS, diesel and aviation fuel. Meanwhile, Petroleum Resources Minister of State (Oil), Heineken Lokpobiri, said increased indigenous participation and a rise in active drilling rigs could support higher crude production. With Nigeria targeting production of at least three million barrels per day in the coming years, the country’s petrol export market could become an increasingly important part of its broader trade and energy story.

source: punch