Nigeria’s Export Of 55.39M Barrels Of Crude Oil Signals Domestic Supply Shortfalls

New data shows Nigeria export of 55.39 million barrels of crude oil underscores ongoing supply shortfalls.

New data shows Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026, highlighting an ongoing imbalance between rising exports and struggling supply arrangements.

On April 20, the Central Bank of Nigeria reported exports of 31.31 million barrels in January and 24.08 million in February, Business Insider Africa reports. Average daily production was 1.46 million barrels in January and 1.31 million in February, while exports averaged 1.01 million and 0.86 million barrels per day.

Total output for the two months hit 81.94 million barrels, leaving 26.55 million for domestic refining. The numbers highlight the ongoing strain between export commitments and local demand, especially from the Dangote Petroleum Refinery.

“The refinery continues to operate below optimal capacity due to inadequate domestic crude supply, despite clear provisions under the Petroleum Industry Act prioritizing local demand,” a senior refinery source said.

Between October 2025 and mid-March 2026, the Dangote Petroleum Refinery faced a crude shortfall of about 79.53 million barrels. The plant needs roughly 19.77 million barrels per month to run at full capacity, but received about 26.9% of its estimated 108.74 million-barrel requirement over that period.

The $20 billion Dangote Petroleum Refinery in Lekki has repeatedly cited inadequate domestic crude supply, forcing it to import feedstock despite Nigeria’s status as Africa’s top oil producer. The imbalance persists under the naira-for-crude policy, as large volumes of output continue to be exported rather than supplied to local refineries.

Fuel prices have also reflected supply strain, with petrol rising above N1,300 per liter (about $0.87) before easing to around N1,250 per liter (about $0.83). The Dangote Petroleum Refinery blamed price volatility on limited domestic crude, saying it receives about five cargoes a month from the Nigerian National Petroleum Company—well below the 13 needed—and that it pays global prices despite partial naira payments. It added that reliance on imports has driven up costs as local producers fall short of supply obligations.

Eche Idoko of the Crude Oil Refiners Association of Nigeria urged greater crude supply to local refineries, saying refiners will push for more feedstock as production improves. He noted that a steady supply is key to operations and profitability, especially for modular plants.

“If we get crude, of course, we will make gains; we have our cash flow,” Idoko said. “If we get regular products like we ought to do, yes, we would make gains. But without products, we are not making gains. If the oil producers give us feedstock, we will make gains. That’s how good the refining business is.”