Nigeria's Crude Oil Exports Surge Amid Dangote Refinery Supply Challenges
Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026, despite the Dangote Petroleum Refinery facing significant supply shortfalls. The refinery, which requires substantial local crude supply to operate at full capacity, has been receiving inadequate volumes, forcing it to rely on international imports. The Nigerian National Petroleum Company (NNPC) Limited is attempting to bridge these supply gaps by leveraging its global crude trading network. However, the refinery's operations remain below optimal levels due to these supply constraints, which are exacerbated by historical crude sales commitments and the naira-for-crude arrangement that prioritizes local refining but faces implementation challenges. 
