Why Dangote Refinery Is Starving for Oil While Nigeria Exports Millions of Barrels

Nigeria produced nearly 82 million barrels of crude in January and February 2026 but shipped over 55 million barrels abroad. This leaves just 26 million barrels for all local refineries. Dangote’s Lekki plant needs almost 20 million barrels each month but has received under 27% of its requirement over a recent five-month span. Insiders say much of the crude was front-sold as loan collateral, and the refinery must now buy oil on the open market at full international rates. Those higher costs and fees are passed on to motorists, helping drive petrol prices above ₦1,200 per litre.

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