Nigeria exported 55.39m barrels as Dangote refinery faces acute crude feedstock shortfall

On April 20, 2026, Central Bank of Nigeria data showed Nigeria exported 55.39 million barrels in Jan–Feb 2026 while the 650,000 b/d Dangote refinery reported an acute domestic feedstock shortfall (about 79.53 million barrels short between Oct 2025–mid‑Mar 2026), forcing increased crude imports and higher pump prices.

The documented mismatch — large crude exports alongside a severe local feedstock shortfall at Dangote — raises imported refined-product needs and incremental FX demand to buy crude and products abroad. That can pressure the naira and increase funding needs for short-dated sovereign and corporate external lines, though actual sovereign spread or FX moves depend on market pricing and other global factors.

Monitor NNPC crude allocation announcements and monthly cargo deliveries to Dangote over the next two months.