Nigeria’s trade surplus grew to $9.5 billion in the second quarter, doubling in size compared with the same period last year, the government’s statistics agency said. The shift was driven by a fall in fuel imports and a rise in the exports of crude oil and raw materials. Higher oil prices as a result of the Iran war and increased exports have also helped drive broad economic growth, with Nigerian GDP expanding 4.43% year-on-year in the second quarter, the fastest pace in five years.
The trade data points to the impact of the Dangote Refinery, which began operating at full capacity this year, after initially coming online in September 2024. Enhanced domestic refining capacity has reduced Africa’s biggest crude oil producer’s longstanding dependence on fuel imports, and that capacity is set to increase further with Dangote’s plans to double output to 1.4 million barrels per day. Nigeria still maintains a sizable fuel import bill, however, as the downstream oil sector’s regulator insists that imports are necessary for local competition.