Nigeria’s oil exports generate $14.7bn as refineries cite crude supply shortfalls

Nigeria exported roughly 148.9 million barrels of crude oil in the first five months of 2026, earning about $14.66 billion (₦20.22 trillion) despite a 3.3 % drop in volume. Strong international oil prices, driven by the US‑Iran conflict and a temporary closure of the Strait of Hormuz, lifted earnings by nearly 30 %. About 68.7 % of the country’s production was shipped abroad, leaving roughly 68 million barrels for domestic refining.

Domestic refiners, led by the Dangote Refinery, have complained of inadequate crude supply. Dangote, which raised its capacity to 700,000 bpd, has been forced to import crude oil from overseas to keep its plants operating, raising production costs and making its gasoline more expensive than imported fuel. The refinery has accused government agencies of deliberate sabotage and of failing to meet the Domestic Crude Supply Obligation mandated by the Petroleum Industry Act. Modular refineries report similar shortages.

In response to rising fuel prices, the federal government resumed petroleum imports, a move criticised by the World Bank but aimed at easing domestic shortages. Meanwhile, persistent gas flaring in oil fields has contributed to a cooking‑gas scarcity, with retail prices more than doubling in recent months.