Business
Nigeria Exports Over 2m Barrels Of Jet Fuel To US
Evidence of the growing influence of the Dangote Petroleum Refinery & Petrochemicals has manifested far beyond Africa and the Middle East, with the United States having imported over two million barrels of jet fuel from the Nigerian based refinery in March.
According to experts, this development should bring immense joy to Nigerians, as it attests to the unparalleled quality of the refinery’s products and the trust that the international community places in the world’s largest single-train refinery.
Going by data from ship-tracking service Kpler, six vessels carrying around 1.7 million barrels of jet fuel from the Dangote Petroleum Refinery arrived at US ports this month.
It was gathered that another vessel, the Hafnia Andromeda, is set to arrive at the Everglades terminal on 29th March with approximately 348,000 barrels of jet fuel.
ALSO READ: NDSF Torch Brightens Edo State
The shipments from the Dangote Refinery, with a capacity of 650,000 barrels per day (bpd) — Africa’s largest — highlight its potential to reshape global fuel trading dynamics, establishing a new swing supplier in the Atlantic Basin.
Biztellers reports that this shipment to the United States follows three cargoes of jet fuel, totalling around 130 million litres, exported from Nigeria to Saudi Arabia by the Dangote Petroleum Refinery.
The refinery has already demonstrated its ability to compete with European refiners on gasoline (PMS) exports, and these jet fuel shipments to the United States could challenge the economics of domestic producers in the world’s largest fuel-consuming nation.
According to Chief Operating Officer of TankTiger, Steven Barsamian, “the surge in demand, partly driven by the influx of supply from Nigeria, is expected to lower jet fuel prices in the US ahead of the peak summer travel season. US jet fuel imports from Dangote Refinery are expected to decrease aviation fuel prices during this period, according to trade analysts and storage brokers. US jet fuel imports in March have averaged around 226,000 bpd, the highest since February 2023, underlining the global demand for products from Dangote Refinery.”
The Dangote Refinery, which commenced production in January 2024, has already exported its products to almost every continent. While the surge in US imports was partly triggered by a maintenance-related shutdown at the Phillips 66 Bayway refinery in New Jersey, analysts believe the choice of Dangote’s products highlights its growing presence in international markets, having successfully competed with European refiners in gasoline exports.
Economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprises (CPPE), Dr Muda Yusuf, stated that the export of jet fuel to the United States by Dangote Refinery is a point of pride for Nigeria, highlighting the quality, standard, and the trust that the international community places in the refinery.
“Nothing could be more prideful for us as a country than the fact that we now have a refinery producing products that can be exported to the United States. It speaks to the quality, standards, and trust that international communities have in Dangote Refinery, because these are markets that don’t compromise on quality. They have stringent standards, and if they deem it worthy to import from Nigeria, it is a source of great pride,” he said.
On his part, the former Director-General of the Lagos Chamber of Commerce and Industry (LCCI) also emphasised that Dangote Refinery is enhancing Nigeria’s position on the global stage and should be supported by both citizens and the government.
“That is why all of us—citizens and the government — should do everything to support the refinery, as it is breaking many barriers and boosting our country’s reputation. The lesson here is that we should support the Dangote Refinery and other refineries with similar capacities, as they can provide us with significant leverage,” he added.
Similarly, Public Policy Expert, Dr Abimbola Oyarinu, stated that the Nigerian economy would be in a better state today if the country had functional refineries in the past, rather than just exporting crude oil while importing refined petroleum products.
“This is something that should have been addressed since 2014. Things wouldn’t have reached this point—such as high inflation and unemployment—if we had a functioning refinery. However, both the government and the people failed to take action until Dangote stepped in with significant investment. The Dangote Refinery is not only reducing foreign exchange outflow, but it is also bringing in foreign exchange. It is unfortunate that despite this, some elites and those in power are still intent on sabotaging the refinery and Dangote himself,” he said.
The university lecturer also warned that the lack of ease in doing business and the frustration of local investments could discourage future investors.
“This is something the country should be proud of. We previously had a mono-economy, reliant solely on oil exports, but Dangote has helped diversify the sector by selling finished products to international markets. However, which investors would want to invest in Nigeria after seeing what Dangote is going through?” he queried.
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
READ ALSO: Tinubu, Shettima Head to Jos for APC Presidential Campaign Rally
“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
SEE MORE:NGX Market Cap Falls to ₦163.65trn As All-Share Index Drops
According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
Nigeria produced a daily average of 1.687 barrels of crude oil and condensate in October 2026, and met its OPEC quota for the sixth consecutive month.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that in strict crude oil terms (excluding condensate), the country produced an average of 1.51mbpd in October.
This is 101 percent of the 1.5mbpd quota set by OPEC.
READ ALSO: NLNG, NCDMB Endow Research Chairs in Six Nigerian Varsities with $9m
The data, released on Wednesday, also shows that single-day production hit a peak of 1.79 million barrels, while the lowest for the month under review stood at 1.60 million bpd.
The crude oil data (excluding condensate) shows that Nigeria has met its assigned OPEC quota for six straight months, producing 1.53mobpd in May; 1.55mobpd in June; 1.51mobpd in July; 1.5mobpd in August, 1.53mobpd in September and 1.51mobpd in October.
On a month of month basis, however, production dipped by 1.7 percent.
The NUPRC attributed the stable performance in recent months to an enhanced operational stability, supported improved production uptime and crude evacuation efficiency.
The sustained growth recorded in October reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector.
A breakdown of the daily average crude oil and condensate production by terminals/streams during the review month shows that Forcados Terminal accounted for 318.49kbpd while Bonny comes second with 311.02kbpd.
Qua Iboe Terminal recorded an average production of 173.97kbpd of crude oil and condensates while Escravos Oil Terminal posted a daily average of 134.67kbpd.
Bonga ranked as the fifth highest producing terminal, recording an average of 106.65kbpd of crude oil and condensate.
40% of Breadmakers Shut Down as Atiku Accuses Tinubu of Economic Failure
ADC Fires Back at NBA Over Kalu, Says ‘No Respectful Way to Address Evil’
INEC Debunks Amupitan Resignation Rumour After London Protest, Voter Register Controversy
Chevron Nigeria Emerges Second-best Exhibitor at NAPE 2026
NGX Gains 1.36% as Market Capitalisation Climbs to ₦163.80trn
Shettima, Wife Depart Abuja for Jos as Tinubu–Shettima Campaign Takes Rally to Plateau
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
