Economy

Nigeria’s Fuel Export Boom Soars as Petrol Hits N105bn Exports

Published

4 months ago

June 24, 2026

Nigeria petrol exports to Togo surge to N105.5bn as Dangote refinery reshapes regional fuel trade and offshore re-imports grow via Lomé hub

Nigeria’s fuel trade with West Africa has undergone a significant shift, with Premium Motor Spirit, popularly known as petrol, valued at N105.5bn exported to Togo in the first quarter of 2026, according to fresh trade data released by the National Bureau of Statistics.

Also read: Nigeria Petrol Import Crash Signals Strong Shift in Fuel Market

The figures, analysed on Tuesday, place petrol among Nigeria’s leading petroleum exports to the neighbouring country and highlight the growing importance of regional fuel flows within West Africa’s evolving energy market.

The development comes at a time when Nigeria’s downstream petroleum sector is undergoing rapid transformation, driven largely by expanded domestic refining capacity and changing trade routes linked to the Dangote Petroleum Refinery.

Under the latest Nigeria Petrol Exports to Togo data, gas oil exports to Togo were valued at N278.36bn, while kerosene-type jet fuel shipments stood at N273.18bn. Crude petroleum oil exports reached N220.14bn, with partially refined oil products accounting for N89.83bn.

Taken together, the figures point to a broader repositioning of Nigeria from a long-standing importer of refined products to an increasingly influential supplier within the sub-region.

Historically, Nigeria relied heavily on imported petrol due to limited local refining capacity. However, earlier trade data showed that the country imported between $117m worth of petroleum products from Togo in 2023 and about $72m to $77m in 2024, underscoring how sharply the direction of trade is now shifting.

The surge in exports is closely tied to increased output from the Dangote Petroleum Refinery, which has reshaped fuel distribution patterns across West Africa since it began supplying the domestic market at scale.

Industry analysts say the refinery’s output has not only strengthened local supply but also altered maritime fuel logistics, particularly through Togo’s offshore ship-to-ship hub in Lomé, which has become a critical transshipment point.

Speaking during a webinar organised by the Major Energies Marketers Association of Nigeria, S&P Global Commodity Insights analyst Matthew Tracey-Cook explained that Nigerian marketers are increasingly re-importing Dangote-refined products through Lomé.

“Dangote volumes on a coastal basis do arrive back in Lagos from Lomé,” Tracey-Cook said. “Over the last six months, if you look at the volume of products on a waterborne basis that’s imported directly into Nigeria, Dangote production has become increasingly dominant.”

He further noted that between March and May, a significant share of imported fuel into Nigeria originated from Dangote refinery coastal shipments routed through the offshore hub.

“For several months, from March until May, we saw well over 70 to 80 per cent of the volumes that were imported into Nigeria actually originated from Dangote,” he added.

According to Tracey-Cook, the Lomé hub continues to play a strategic role in regional fuel distribution, particularly for countries with limited port capacity for large vessels.

“Lomé has become an increasingly important transshipment hub for filling regional shortages across the region,” he said, noting that many West African ports cannot accommodate fully laden medium-range tankers.

Despite the complexity of these trade flows, the latest Nigeria Petrol Exports to Togo data suggests Nigeria is steadily consolidating its position as a regional energy supplier, reversing decades of dependency on imported refined petroleum products.

Other destinations, including Côte d’Ivoire, also featured prominently in Nigeria’s petroleum exports during the period, receiving crude oil, gas oil and petrol shipments.

Energy analysts say the emerging pattern reflects a structural shift in West Africa’s fuel market, where domestic refining growth in Nigeria is increasingly influencing pricing, logistics and regional supply chains.

However, they also caution that the evolving role of offshore hubs like Lomé highlights the continued importance of flexible distribution networks in balancing supply across the region.

Also read: Nigerian National Petroleum Company Limited Clarifies New Refinery MoU Structure

As Nigeria deepens its refining capacity and expands exports, stakeholders say the challenge will be maintaining stability in domestic supply while supporting growing regional demand for refined petroleum products.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

11 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.