Dangote Refinery Gains as UK Buys £1.02bn Nigerian Fuel, Overtakes Crude Oil

• Nigeria exported £1.02 billion in refined petroleum to the UK, overtaking crude shipments and driving a £245 million trade surplus
• Dangote Refinery’s expanding output helped lift Nigeria’s seaborne petroleum exports more than sevenfold between 2023 and 2026
• Growing fuel exports could boost foreign exchange earnings and domestic supply, but pump prices remain subject to market conditions

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Nigeria's petroleum trade with the United Kingdom has recorded a significant turnaround, with refined fuel exports overtaking crude oil shipments and generating a £245 million trade surplus.

The development highlights Nigeria's growing influence in international fuel markets as the 650,000-barrel-per-day Dangote Petroleum Refinery expands production and exports.

According to the UK government's Trade and Investment Factsheet released on November 6, 2026, Britain purchased £1.02 billion worth of refined petroleum products from Nigeria in the 12 months ending June 2026.

The figure represented 53.5% of Britain's merchandise imports from Nigeria and more than doubled the value recorded during the corresponding period in 2025.

Nigerian fuel exports overtake crude oil

The figures revealed a major shift in Nigeria's traditional petroleum trade relationship with Britain, Punch reports.

While refined petroleum exports increased sharply, British purchases of Nigerian crude oil declined by 56.2% to £550.3 million.

Consequently, refined petroleum exports exceeded crude oil shipments by approximately £467 million.

Combined, both products generated £1.57 billion, accounting for 82.4% of Britain's merchandise imports from Nigeria.

Nigeria's total merchandise exports to the UK reached approximately £1.9 billion, representing a 10.4% increase from the previous year.

Other exports included gas worth £179.5 million, coffee, tea and cocoa products valued at £40.3 million, and beverages and tobacco worth £30 million.

Dangote Refinery strengthens Nigeria's export position

The changing trade figures coincide with increased production at Dangote Refinery, which has helped expand Nigeria's capacity to supply refined petroleum products internationally.

Data from the United States Energy Information Administration showed that Nigeria's seaborne petroleum product exports increased more than sevenfold between 2023 and the second quarter of 2026.

Exports averaged 350,000 barrels daily in the second quarter of 2026, compared with 46,000 barrels daily in 2023.

Shipments to Europe also climbed to 130,000 barrels daily, compared with 40,000 barrels daily in 2025.

The figures underscore the growing importance of European markets to Nigeria's downstream petroleum industry.

Nigeria records £245m petroleum trade surplus

Meanwhile, British refined petroleum exports to Nigeria declined by 42.7% to £772.3 million, from approximately £1.35 billion a year earlier.

The reduction helped Nigeria record an estimated £245 million surplus in refined petroleum trade with Britain.

The development represents progress for a country historically dependent on crude oil exports and imported refined fuel.

What growing fuel exports mean for Nigerians

Expanding domestic refining capacity could strengthen Nigeria's foreign exchange earnings, reduce dependence on imported petroleum products and support employment across refining, transportation and logistics.

It could also improve domestic fuel availability, although lower pump prices will depend on production costs, exchange rates and market conditions.

Nigeria's position may receive further support from Britain's decision to exempt the country from additional compliance requirements associated with restrictions on petroleum products refined from Russian crude.

The exemption could help preserve access to the British market as Nigeria seeks to consolidate its emerging position as a major refined petroleum exporter.

Dangote Refinery changes petrol pricing formula

Legit.ng earlier reported that Nigeria's downstream petroleum market is witnessing a significant shift as Dangote Petroleum Refinery adopts a European gasoline pricing benchmark, introducing a new method for determining petrol prices at its gantry.

The development means petroleum marketers are increasingly looking to international gasoline prices when assessing the cost of petrol supplied by the refinery.