UK buys £1bn Nigerian oil as Dangote refinery expands

In the 12 months leading up to June 2026, the United Kingdom spent £1.02 billion on refined petroleum products imported from Nigeria, marking a substantial shift in energy trade dynamics. The Dangote Petroleum Refinery in Nigeria has been expanding its capacity, which has led to a significant increase in the value of refined oil imports, now constituting 53.5 percent of British merchandise imports from Nigeria.

Refined oil imports surged by more than 100 percent compared to the same period in 2025, becoming the most significant category of goods purchased by the UK from Nigeria.

Meanwhile, crude oil imports from Nigeria fell by 56.2 percent, accounting for 28.9 percent of total British goods imports from the country. Refined petroleum exports to Britain were approximately 85 percent higher in value than crude oil exports, with refined product exports surpassing crude oil exports by £467 million.

Other notable imports included natural gas worth £179.5 million, representing 9.4 percent of goods imports, a 7 percent increase compared to the previous period. Coffee, tea, and cocoa products saw a growth of over 100 percent, while beverages and tobacco products increased by 24.2 percent. Overall, Nigeria's merchandise exports to Britain amounted to approximately £1.9 billion, a 10.4 percent increase, or £180 million, compared to the previous 12 months.