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Nigeria has reached a historic milestone in its downstream oil sector, emerging as a net exporter of petrol for the first time, largely driven by increased production from the Dangote Petroleum Refinery.

Industry data shows that the 650,000 barrels-per-day facility exported about 44,000 barrels per day (bpd) of petrol in March 2026, resulting in a surplus of roughly 3,000 bpd for the month.

The development marks a major turnaround for a country that has long relied heavily on imported refined petroleum products.

The shift from import to export reflects a structural transformation in Nigeria’s oil trade, with positive implications for foreign exchange earnings, energy security, and regional fuel supply dynamics.

In a significant expansion of its export reach, the refinery also delivered a 317,000-barrel cargo of petrol to Mozambique—its first shipment to East Africa. Another consignment is expected to be delivered to Beira in April, underscoring growing regional demand as buyers seek alternatives to Middle Eastern supplies amid ongoing geopolitical tensions.

Data from Kpler further revealed that Nigeria’s petrol imports plunged to 41,000 bpd in March, the lowest level on record, highlighting the rapid displacement of imports by local refining.

It would be recalled that in September last year, President of the Dangote Group, Aliko Dangote, projected that the refinery would turn Nigeria into a net exporter of fuel while ending decades of fuel scarcity.

“We have been battling fuel queues since 1975, but today Nigerians are witnessing a new era,” he said.

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The Nigerian naira recorded a marginal gain against the United States dollar at the official foreign exchange market on Tuesday, April 14, 2026, as improved liquidity and increased interbank activity supported the currency.

Data from the Central Bank of Nigeria showed that the naira strengthened to N1,356.19 per dollar in the Nigerian Autonomous Foreign Exchange Market, extending last week’s gains when the currency appreciated by 1.76 percent. Intraday trading ranged between N1,354.50 and N1,362.50 per dollar, reflecting stronger supply conditions.

Interbank turnover rose significantly to $114.89 million across 141 deals, up from $71.16 million recorded in the previous session. The parallel market also recorded gains, with the currency trading at N1,385 to N1,410 per dollar, while the gap between official and parallel rates narrowed slightly.

However, FX inflows into the official window declined sharply to $571.8 million from $1.06 billion in the previous week, indicating tighter supply conditions. Foreign portfolio investors remained the dominant source of FX supply, contributing $282.2 million, while the CBN accounted for $103.2 million.

The naira’s recent strength is largely liquidity-driven, not structural, and may prove difficult to sustain without consistent FX inflows,” said an economist at a Lagos-based research firm. “The decline in weekly inflows highlights ongoing pressure on supply, especially as global financial conditions remain tight.”

The positive movement came as Nigeria achieved a significant milestone, becoming a net exporter of premium motor spirit in March 2026. The Dangote Petroleum Refinery exported 44,000 barrels per day of petrol, including a 317,000-barrel cargo delivered to Mozambique, allowing the country to earn fresh foreign exchange to help boost the naira’s value.

Despite the currency’s recent stability, global rating agency Fitch projected that Nigeria’s external reserves would decline to $47 billion by the end of 2026, from $49.4 billion at the end of March, reflecting higher spending pressures and external risks. The agency affirmed Nigeria’s long-term foreign currency issuer default rating at ‘B’ with a stable outlook.

“We forecast a marginal decline to $47 billion at end 2026, reflecting higher spending pressures and external risks,” Fitch stated in its latest assessment.

The agency noted that while reserves provide about seven months of import cover above the median for countries within the ‘B’ rating category, fiscal pressures and external vulnerabilities could drive modest currency depreciation in the near term. Fitch expects Nigeria’s budget deficit to widen to nearly five percent of gross domestic product in 2026, while inflation is projected to average 16 percent.

Nigeria’s external reserves recently hit a 17-year high of $50.02 billion on March 11, before easing to $48.80 billion as of April 10. The CBN has pledged to stabilise the naira and boost sales of high-yield short-term debt to attract dollar inflows.

Economists remain cautiously optimistic about the naira’s trajectory, though structural challenges persist. The Centre for the Promotion of Private Enterprise reported that the naira stabilised within a relatively narrow band of about N1,340 to N1,430 to the dollar in the official market during the first quarter of 2026, helping to moderate imported inflation and boost business confidence.

However, analysts warned that the ongoing Middle East conflict introduces fresh upside risks, with Brent crude trading above $100 per barrel, which could feed into domestic fuel costs and create renewed cost-push inflation pressures.

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The Nigerian Naira opened the new trading week with slight variations against the United States Dollar on Monday, April 13, 2026, across the various segments of the foreign exchange market.

In the Nigerian Foreign Exchange Market (NFEM), which serves as the official trading window, the Naira began the session at approximately N1,358.84 per Dollar. Real-time data indicates that the currency experienced brief volatility during the early hours, reaching a peak of N1,362.08 before settling back toward the N1,358 mark. This performance highlights a continued trend of stability as the Central Bank of Nigeria maintains its strategic oversight of liquidity within the banking system.

Meanwhile, the parallel market, or black market, recorded slightly higher rates as demand for the greenback persisted among small businesses and individuals. Reports from currency dealers in major commercial centers like Lagos, Kano,and Abuja show the Dollar trading between N1,460 and N1,485. The disparity between the official and informal rates remains a key point of interest for market analysts, who are watching for further convergence as fiscal policies evolve.

Market sentiment remains guarded as investors look toward upcoming economic reports and potential interventions by the monetary authorities. For many Nigerians, the cost of the Dollar continues to influence the pricing of imported commodities and logistics services, making the daily movement of the exchange rate a critical factor in household and corporate budgeting.

As of 6:39 AM WAT, the trading environment is characterized by steady volume, with financial experts predicting that the Naira will remain within its current range for the duration of the day’s session.