Business
Nigeria Exports 55.39m Barrels as Dangote Battles Crude Shortage
Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026, even as the Dangote Petroleum Refinery continues to struggle with inadequate domestic feedstock supply.
According to the latest data from the Central Bank of Nigeria, the country shipped out 31.31 million barrels in January and 24.08 million barrels in February. In January, crude production averaged 1.46 million barrels per day with exports at 1.01 mbpd. In February, production fell to 1.31 mbpd while exports averaged 0.86 mbpd.
Total crude production for the two months stood at 81.94 million barrels, meaning that 26.55 million barrels were left behind for local refineries in the first two months of 2026.
The strong export figures come at a time when the 650,000-barrel-per-day Dangote refinery is battling an acute shortage of local crude. The refinery has repeatedly complained of receiving far below its required volumes from domestic sources, forcing it to import crude from international markets.
This situation persists despite Nigeria’s position as Africa’s largest crude oil producer. Industry sources note that a significant portion of produced crude continues to be exported while the country’s flagship refinery grapples with supply constraints under the naira-for-crude arrangement.
Before the Nigerian National Petroleum Company Limited recently increased crude supply to the Dangote refinery from five cargoes to 10 cargoes, The PUNCH reports that the ambitious deal between the Dangote refinery and the NNPC faced challenges, as the refinery experienced a crude oil supply shortfall of approximately 79.53 million barrels between October 2025 and mid-March 2026.
Data obtained from an impeccable senior management source within the refinery indicated that the facility, which requires approximately 19.77 million barrels of crude monthly to operate at full capacity, received significantly lower volumes during the period.
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The official argued that, under the Petroleum Industries Act, the export of crude before meeting local demand was clearly prohibited, stressing that the $20bn Lekki-based plant had been grappling with inadequate crude volumes, while the country, through NNPC, continued to export some of its oil.
A breakdown of the figures shows that the refinery is supposed to get about 19.77 million barrels of crude monthly, but it got 4.55 million barrels in October, 6.45 million barrels in November, 4.30 million barrels in December, 5.65 million barrels in January, and 4.66 million barrels in February. For March, only 3.6 million barrels were delivered between the 1st and 15th.
In total, crude supplied within the five-and-a-half-month period stood at 29.21 million barrels, compared to an estimated 108.74 million barrels required for the same duration. This translates to a supply performance of about 26.9 per cent, indicating that more than three-quarters of the refinery’s crude needs were not met.
Earlier, the Dangote refinery had repeatedly lamented that it was not getting enough crude locally for its operations.
As the Iran-US war continues to disrupt global oil supply, the Dangote refinery effected multiple fuel price increases, raising the petrol pump price above N1,300 per litre before it was later reduced to the current N1,250 per litre.
Defending these price hikes, the Dangote refinery said in a statement that local crude producers were refusing to supply feedstock to its facility, forcing it to rely more on imported crude.
According to the company, the refinery received just five cargoes every month from the national oil company instead of 13 cargoes, adding that the cargoes were paid for at international market prices.
“While we receive about five cargoes a month from NNPC, which we pay for in naira, these cargoes are priced at international market prices plus premium and fall short of the 13 cargoes which we require to support sales into Nigeria.
“The high crude cost is compounded by the fact that Nigeria’s upstream producers have failed to supply crude oil to the refinery as required under the Petroleum Industry Act, forcing us to source a substantial portion through international traders who charge an additional premium,” it stated.
However, reliable sources at the NNPC, who pleaded anonymity due to the sensitivity of the matter, confirmed to our correspondent that the company was leveraging its global crude trading network to source third-party crude for the 650,000-barrel Lekki refinery.
According to the source, the NNPC would sell the crude to the refinery at prices that are competitive with prevailing international market rates, ruling out calls by some stakeholders that the Federal Government should sell feedstock to local refineries at rates designed locally to shield Nigeria from the global price rise.
“Leveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates.
“As the national oil company entrusted with safeguarding Nigeria’s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to the refinery in the face of temporary availability constraints,” he explained.
Our correspondent gathered from other sources within the national oil company that there was truly a shortfall because some volume of NNPC’s daily crude output had been front-sold in the past.
“Indeed, there’s a shortfall, but it wasn’t deliberate. You know that some volumes have been front-sold in the past. That is causing some form of distortion, but that doesn’t mean the NNPC will not meet up. The company is looking at other alternative sources,” it was said.
Recently, Africa’s richest man and President of the Dangote Group, Aliko Dangote, revealed in a report by Bloomberg that the refinery received 10 cargoes of crude oil from the state-owned oil firm in March, compared to an average of about five cargoes monthly since late 2024.
Dangote said the shipments included six cargoes paid for in naira and four in dollars, under the crude supply arrangement between the refinery and the NNPC. However, this is still below the over 19 million barrels required by the refinery monthly.
The Publicity Secretary of the Crude Oil Refiners Association of Nigeria, Eche Idoko, called for increased crude supply to local refineries.
Idoko declared that refiners would intensify demand for more crude with the reported improvement in national production. The CORAN spokesman explained that consistent crude supply would improve refinery operations and profitability, noting that modular refineries would not make profits unless they get enough feedstock locally.
“If we get crude, of course, we will make gains; we have our cash flow. 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,” he said.
The Punch
Business
Stakeholder Commends NMDPRA for Averting Aviation Fuel Crisis
An oil sector advocacy group has commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for stabilising the aviation fuel market, noting that its recent intervention helped ease tensions across the aviation sector and averted potential disruptions to flight operations.
This was detailed in a statement on Tuesday under the signature of the centre’s Executive Director, Tunde Adeyemi.
It averred that the regulator’s clarification on fuel availability and pricing came at a critical time, when uncertainty over Jet A1 costs had heightened anxiety among airline operators and other stakeholders.
Adeyemi noted that confirmation of over 70 days’ aviation fuel sufficiency reflects a strong supply position and underscores the resilience of Nigeria’s downstream petroleum framework.
Adeyemi said the regulator’s data-driven disclosure helped counter widespread speculation, including claims of a potential spike in aviation fuel prices that had raised fears of flight disruptions and higher airfares.
“The timely intervention by the Authority provided much-needed clarity and helped calm frayed nerves within the aviation ecosystem. At a time when misinformation could have escalated into a crisis, the regulator chose transparency and facts, which is commendable,” he said.
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He added that aviation fuel remains a major cost driver for airlines in Nigeria, making stability in supply and pricing critical to the sector’s sustainability.
According to him, the Authority’s emphasis on the deregulated nature of the Jet A1 market is key to shaping realistic expectations, as pricing is influenced by global oil trends, foreign exchange fluctuations, and logistics costs.
“It is important for stakeholders to understand that aviation fuel pricing is market-driven. What the regulator has done is provide clarity that supports informed decision-making,” he said.
The group also highlighted the growing role of domestic refining in moderating fuel prices, noting that locally refined aviation fuel is being sold slightly below international benchmarks — an indication of improving local capacity.
It urged stakeholders across the aviation fuel value chain to avoid spreading unverified claims capable of distorting market realities or undermining confidence in the sector.
“Responsible engagement is critical. All parties must work together to sustain stability and ensure that recent gains are not reversed by panic or misinformation,” Adeyemi added.
Business
NNPC Ltd Delivers over 1bn Barrels to Dangote in April
There are indications from the trading arm of the Nigerian National Petroleum Company Limited (NNPC Ltd) that crude supplies to the Dangote Oil and Gas Company Limited (DOGC) in April 2026, increased to more than 1.03 million metric tonnes, equivalent to about 6.8 million barrels or over 1.08 billion litres.
An analysis of tanker vessel movements obtained by The PUNCH on Tuesday shows that the deliveries were executed through eight crude cargoes handled by NNPC Trading, reinforcing the state oil firm’s role as a major feedstock supplier to the 650,000 barrels-per-day Dangote refinery.
The shipments, sourced from key Nigerian crude streams including Anyala, Bonga, Odudu, Forcados, Qua Iboe, and Utapate, were routed through the refinery’s Single Point Mooring systems, SPM-C1 and SPM-C2.
The document shows that out of the eight cargoes, five have been fully discharged, while three others are still awaiting berthing or completion, indicating a steady pipeline of crude inflows into the refinery.
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This development comes amid the refinery’s continued complaints of supply inadequacies, with a total requirement of 19 cargoes monthly, and a recent report that the country imported 55.39 million barrels in January and February 2026.
A breakdown of the deliveries showed that Sonangol Kalandula initiated the supply chain, delivering 123,000 metric tonnes of crude from Anyala. The vessel arrived on April 5, berthed on April 8, and sailed on April 9.
This was followed by Advantage Spring, which supplied 128,190 metric tonnes from Bonga, arriving on April 11 and completing discharge by April 13.
Similarly, a vessel code-named Barbarosa delivered 125,000 metric tonnes from Odudu, while Sonangol Njinga Mban transported 129,089 metric tonnes from Bonga.
Another completed shipment, handled by Nordic Tellus, brought in 139,066 metric tonnes from Forcados, completing discharge on April 17.
However, three additional cargoes remain in progress. Advantage Sun, carrying 142,327 metric tonnes from Bonga, has arrived but is yet to berth. Also pending are Advantage Spring from Utapate with 120,189 metric tonnes, and Sonangol Kalandula from Qua Iboe with 126,471 metric tonnes.
In total, the NNPC Trading cargoes account for 1,033,332 metric tonnes of crude, underscoring what industry analysts describe as a “strong and sustained supply commitment” to the Dangote refinery.
Further findings show that, beyond crude deliveries, the Dangote refinery also received multiple shipments of refined products and blending components from international markets during the period.
Among them, Seaways Lonsdale delivered 37,400 metric tonnes of blendstock gasoline from Immingham, United Kingdom, handled by Vitol, between April 18 and 19.
Another vessel, Augenstern, supplied 37,125 metric tonnes of Premium Motor Spirit from Lavera, France, discharging between April 8 and 9.
From Norway, Emma Grace brought in 37,496 metric tonnes of PMS from Mongstad, while LVM Aaron delivered 36,323 metric tonnes from Lome, Togo.
Similarly, Egret discharged 35,498 metric tonnes of naphtha from Rotterdam between April 16 and 18, providing critical feedstock for gasoline blending.
A pending shipment, Mont Blanc I, carrying 36,877 metric tonnes of blendstock gasoline from Antwerp, Belgium, is yet to berth, while Aesop is expected to deliver 130,000 metric tonnes of residue catalytic oil from Singapore later in April.
In addition to NNPC Trading volumes, other crude cargoes from international and domestic traders also supported refinery operations.
Notably, Yasa Hercules delivered 273,287 metric tonnes of crude from Corpus Christi, United States, while Front Orkla brought in 264,889 metric tonnes from Ingleside, US.
A major cargo, Navig8 Passion, supplied 496,330 metric tonnes of crude from Cameroon, highlighting regional supply integration.
Domestic contributions included Harmonic, which delivered nearly 993,240 barrels from Ugo Ocha, and Aura M, which supplied 1 million barrels from Escravos, alongside an additional 651,331 barrels of cargo from Anyala.
Operational data indicate that most vessels berthed within one to two days of arrival and departed shortly after discharge, suggesting improved efficiency at the refinery’s offshore terminals.
The Dangote refinery, located in Lekki, Lagos, is Africa’s largest single-train refinery, with a nameplate capacity of 650,000 barrels per day.
The facility is expected to significantly reduce Nigeria’s dependence on imported petroleum products by refining domestic crude and supplying petrol, diesel, aviation fuel, and other derivatives to the local market.
NNPC Limited, through its trading arm, has remained a central player in supplying crude to the refinery under evolving commercial arrangements, amid ongoing reforms in Nigeria’s downstream oil sector.
Earlier this month, Africa’s richest man and President of the Dangote Group, Aliko Dangote, revealed in a report by Bloomberg that the refinery received 10 cargoes of crude oil from the state-owned oil firm in March, compared to an average of about five cargoes monthly since late 2024.
Dangote said the shipments included six cargoes paid for in naira and four in dollars, under the crude supply arrangement between the refinery and the NNPC.
“Nigeria doubled crude supply to Dangote Refinery in March as Africa’s top oil producer moved to shore up fuel availability after the Iran war disrupted Middle East shipments. Last month, they gave us six cargoes with payments in naira and four cargoes with payments in dollars,” he stated.
Business
Dangote Champions Infrastructure, Job Creation as Catalysts for Africa’s Economic Growth at IMF/World Bank Meetings
Africa’s leading industrialist and President and Chief Executive of the Dangote Group, Aliko Dangote, has reaffirmed the central role of infrastructure development, job creation, and private sector investment in accelerating Africa’s economic transformation.
Dangote made this assertion during a series of high-level engagements with global financial leaders on the sidelines of the recently concluded International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C. The meetings formed part of his ongoing efforts to mobilise investment flows and deepen strategic partnerships within Nigeria’s energy and industrial sectors.
During a keynote address at the World Bank’s Water Forward event, Dangote emphasised the urgency of scaling private sector participation to reposition water systems as enablers of industrialisation and employment across developing economies. He noted that infrastructure, particularly effective and sustainable water management, remains foundational to inclusive growth and long-term economic resilience.
“Africa’s growth story will be defined by our ability to invest in infrastructure that supports industry, creates jobs, and unlocks productivity across the continent,” Dangote said. “When the private sector is fully engaged, especially in critical areas like water and energy, it becomes a powerful engine for inclusive and sustainable development,” he said.
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As part of his engagements, Dangote also held strategic discussions with senior global financial leaders, including World Bank President Ajay Banga, focusing on accelerating capital inflows into Africa’s industrial sector. He stressed that rapid industrialisation is vital to strengthening economic resilience, promoting diversification, and reducing the continent’s exposure to external shocks.
Dangote further outlined the Group’s Vision 2030 strategy, which targets the significant expansion of operations across the Dangote Refinery, Fertiliser and Petrochemical Complex, and other business units, with the goal of achieving annual revenues of US$100 billion. According to him, the strategy reinforces the Group’s long-standing commitment to Africa-led industrial growth and sustainable development.
Reiterating his position, Dangote underscored that robust private sector participation — backed by reliable infrastructure — is essential to unlocking the economic value of water resources and advancing inclusive development across Africa.
The World Bank event attracted a distinguished audience, including heads of government, the United Nations Secretary-General, leaders of European development institutions, and representatives of multilateral development partners.





