UK imports £1.02bn Nigerian refined fuel, crude purchases drop by 56%

Nigeria has recorded a £245m surplus in refined petroleum trade with the United Kingdom as exports of processed fuel to Britain rise alongside a decline in crude oil shipments.

The shift reflects changes in Nigeria’s petroleum trade following the expansion of the Dangote Petroleum Refinery, with refined products now accounting for a larger share of the country’s merchandise exports to the UK.

Figures from the UK government’s Trade and Investment Factsheet, released on November 6, showed that Britain imported £1.02bn worth of refined petroleum products from Nigeria in the 12 months to June 2026.

The value represented 53.5 per cent of the UK’s total merchandise imports from Nigeria and more than doubled the figure recorded in the corresponding period ending June 2025.

In contrast, British imports of Nigerian crude oil fell by 56.2 per cent to £550.3m, representing 28.9 per cent of total goods imported from the country.

The difference between the two categories put refined petroleum exports £467m ahead of crude oil exports, indicating a significant change in the composition of Nigeria’s energy trade with Britain.

However, the UK remains a supplier of refined fuel to Nigeria, exporting petroleum products worth £772.3m during the period. Although refined fuel accounted for 51.5 per cent of Britain's merchandise exports to Nigeria, its value declined by 42.7 per cent from the previous 12 months.

Based on the reported figures, Nigeria’s refined petroleum trade surplus with the UK stood at approximately £245m.

The development comes as the Dangote Petroleum Refinery, with a nameplate capacity of 650,000 barrels per day, expands its participation in international markets.

The United States Energy Information Administration had also reported a sharp increase in Nigeria’s seaborne petroleum product exports, linking the growth to increased domestic supply from the refinery.

“With the increased supply of petroleum products in Nigeria from the country’s largest refinery, imports fell, exports increased, and Nigeria became more self-sufficient in refined petroleum products,” the agency said in an August report.

It disclosed that Nigeria’s seaborne petroleum exports averaged 350,000 barrels per day in the second quarter of 2026, compared with 46,000 barrels per day in 2023.

Exports to Europe also rose to 130,000 barrels per day, up from 40,000 barrels per day in 2025.

Despite the changes in petroleum trade, oil and gas continued to dominate Nigeria’s exports to Britain.

The UK imported about £179.5m worth of Nigerian gas, representing 9.4 per cent of its merchandise imports from the country and an increase of seven per cent over the previous period.

Imports of coffee, tea and cocoa products reached £40.3m, recording growth of more than 100 per cent, while beverages and tobacco accounted for £30m, an increase of 24.2 per cent.

Overall, Nigeria’s merchandise exports to the UK rose by 10.4 per cent to approximately £1.9bn in the 12 months ending June 2026, an increase of £180m.

The figures suggest that while petroleum remains central to trade between both countries, Nigeria’s growing refining capacity is changing the balance between crude oil and processed fuel exports.