Nigeria Imported $1.39 Billion in Crude Oil in Q1 2026 Amidst Dangote Refinery Expansion

Nigeria imported crude oil valued at $1.39 billion during the first quarter of 2026, marking a significant increase from the previous quarter. This surge in imports occurred even as the Dangote Petroleum Refinery expanded its operations and increasingly sourced feedstock internationally. Data from the Central Bank of Nigeria reveals that crude oil imports constituted over 81% of the country's total imports of crude, gas, and refined petroleum products. Conversely, imports of refined petroleum products saw a sharp decline, falling by 87.5%, indicating a growing reliance on locally refined fuels. The increase in refined product exports further suggests a shift towards domestic refining capacity.

Nigeria's substantial crude oil imports despite being a major producer, coupled with a decline in refined product imports, highlights complex dynamics in its energy sector and refining capacity.