Nigeria earned nearly ₦1 trillion from Premium Motor Spirit (PMS) exports in the first half of 2026, a dramatic reversal from its historical reliance on imported fuel. Trade data from the National Bureau of Statistics (NBS) show the country generated ₦998.50 billion from petrol exports, with ₦621.72 billion worth of product shipped to African markets.
From Import Burden to Export Earner
The export boom marks a sharp contrast to early 2025, when petrol remained one of Nigeria's major imports. In the first quarter of 2025 alone, the country spent about ₦1.76 trillion importing PMS. By the second quarter of 2026, petrol had become Nigeria's seventh-largest export, generating ₦546.02 billion, equivalent to 2.02% of total exports. That Q2 export value was more than six times the ₦85.83 billion recorded in the corresponding period of 2025.
The NBS has published its Q2 2026 Foreign Trade Statistics report, covering the latest shift in Nigeria's merchandise trade. The turnaround is largely attributed to increased production at the 650,000-barrel-per-day Dangote Petroleum Refinery, which has reduced Nigeria's dependence on imported refined products while creating enough capacity to serve regional markets.
Dangote Refinery Drives Supply Shift
Domestic refineries, led by Dangote, supplied about 75% of Nigeria's petrol between January and July 2026, according to an analysis of NMDPRA data. By August, domestic PMS receipts had risen to 35.9 million litres per day, compared with imports of 14.6 million litres daily.
Investment analyst Abeeblahi Rufai said Dangote's location gives the refinery an advantage in supplying African countries because shorter shipping distances can reduce freight and logistics costs. The disruption to global fuel flows during the Iran conflict also increased demand for alternative suppliers outside the Middle East, strengthening Nigeria's position in regional petroleum trade.
Export Growth vs. Domestic Prices
Despite the export growth, Nigerian motorists still face elevated pump prices. Petrol prices have risen sharply during 2026, meaning Nigeria's emergence as a fuel exporter has yet to translate automatically into cheap petrol for consumers.
Economist Ayo Teriba said Dangote initially focused on replacing imports before expanding into exports of petrol, diesel and aviation fuel. For Nigeria, the transformation is significant: a product that once consumed huge amounts of foreign exchange is becoming an export earner. For motorists, however, the bigger question is when expanding domestic refining and export capacity will produce more sustained relief at filling stations.
Legit.ng previously reported that the Federal Government has approved the importation of 830,000MT of petrol for the fourth quarter of 2026, as Nigeria prepares for increased fuel demand during the Christmas and New Year festivities. The approval comes as the Dangote Petroleum Refinery reduces its petrol prices below estimated import landing costs, intensifying competition between locally refined and imported petroleum products.
