Data from the Energy Research Unit showed that Nigeria imported approximately 64,500 barrels per day of Libyan crude in May 2026, translating to about two million barrels for the month
KaNo —
Nigeria’s downstream oil sector recorded a significant shift in crude sourcing patterns as local refineries imported about two million barrels of crude oil from Libya in May 2026.
This marks the first time Nigeria has sourced crude from the North African country.
Industry data indicates that the bulk of the imports was handled by the Dangote Petroleum Refinery, currently the largest refining facility in Africa, as it continues to expand its feedstock sources amid persistent domestic supply constraints.
According to a report by Libya Review, Libya’s crude exports reached a notable milestone with Nigeria’s entry into its customer base, underscoring the country’s growing role in regional energy markets amid ongoing global supply disruptions.
Data from the Energy Research Unit showed that Nigeria imported approximately 64,500 barrels per day of Libyan crude in May 2026, translating to about two million barrels for the month.
The report noted that the shipment represents the first recorded Nigerian import of Libyan crude in available historical data dating back to 2013.
At the time, the corporation maintained that it remained committed to existing contractual obligations with international partners and adhered strictly to established mechanisms for crude sales.
It also emphasised that pricing decisions were determined through a structured process involving expert committees and oversight from the Ministry of Oil and Gas.
However, recent developments suggest that a supply arrangement has now been concluded, at least on a transactional basis, as evidenced by the May shipments to Nigeria.
Analysts say the move reflects the growing urgency among Nigerian refiners to secure alternative crude sources, driven largely by the mismatch between domestic crude production and local refining needs.
In 2026 alone, the refinery has sourced crude from multiple countries, including Angola’s Cabinda and Saxi Batuque grades, Ghana’s Jubilee crude, and, for the first time, supplies from Libya and Guyana.
These grades are largely classified as light sweet or medium sweet crude, which are well-suited for refining into high-value petroleum products.
Despite Nigeria’s status as Africa’s largest oil producer, local refiners have repeatedly raised concerns about inadequate access to crude, blaming the situation on the prioritisation of exports.
Of this volume, approximately 148.9 million barrels,valued at about N20.22tn were exported.
This means that nearly 68.7 per cent of Nigeria’s crude output during the five-month period was sold to international buyers, leaving about 67.95 million barrels for domestic refining, storage, and other uses.
The crude exports were carried out by a mix of international oil companies and indigenous operators, including the Nigerian National Petroleum Company Limited.
The heavy export orientation has continued to generate debate within the sector, particularly in light of the domestic crude supply obligation policy, which is intended to guarantee feedstock for local refineries.
Energy analysts argue that unless this imbalance is addressed, Nigeria may continue to rely on imported crude despite its vast hydrocarbon resources.
These disruptions have created opportunities for alternative suppliers such as Libya to expand their market share across Africa and Europe.
Libya, which has been working to stabilise its oil sector, has in recent months strengthened energy ties with neighbouring countries while competing with Nigeria for investment in upstream and midstream projects.
Available data shows that Egypt imported about 33,000 barrels per day of Libyan crude in April 2026, following earlier imports of 57,000 barrels per day in February.
The transactions marked Egypt’s first purchases of Libyan crude since 2019 and are part of a broader strategy to diversify supply sources.
Similarly, Tunisia increased its intake of Libyan crude in 2026, importing around 19,000 barrels per day in March and 10,000 barrels per day in May, despite having only intermittently sourced from Libya in previous years.
Other major buyers include Greece, Spain, and Turkey.
The Dangote refinery has also recently expanded its sourcing footprint beyond Africa, purchasing two cargoes of crude oil from the United Arab Emirates.
The transaction marked its first procurement of Middle Eastern crude, further highlighting its strategy of diversifying supply chains.
Meanwhile, the Federal Government says it is engaging petroleum marketers and regulators to ensure that Nigerians benefit from declining global crude oil prices.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while speaking to journalists after the Federal Executive Council meeting in Abuja on Monday.
According to him, discussions are ongoing with operators in the downstream petroleum sector to ensure that changes in international oil prices are fairly reflected in domestic fuel prices.
He noted that marketers typically respond quickly to rising crude prices by increasing pump prices, citing higher replacement costs, but tend to delay price reductions when global prices fall due to existing inventories purchased at higher rates.
“We are engaging with marketers and regulators to ensure there is fairness in the market while also recognising the commercial realities operators face,” Oyedele said.
He added that regulatory bodies such as the Federal Competition and Consumer Protection Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority are already working to address the issue within the framework of the Petroleum Industry Act.
