Nigeria’s domestic crude oil supply to refineries fell to 15.84 million barrels in May 2026, according to data reported by The Punch. The decline occurred despite the facilities achieving a combined intake of 17.92 million barrels, highlighting a growing gap between available feedstock and processing capacity.
The inability of local refineries to secure enough Nigerian crude oil is threatening the country's push for energy security and lower fuel costs, setting off warning bells from manufacturers who rely on stable energy inputs.
The development comes as Dangote Petroleum (DG) prepares to pay a record dividend of USD 0.
This shortage undermines the strategic objective of reducing dependence on imported refined products.
To bridge the gap, Nigeria has imported an average of two million barrels of crude oil from Libya, marking the first time the West African nation has sourced crude from the North African country. The Dangote Petroleum Refinery is the primary beneficiary of this new supply route, which underscores the logistical challenges facing the domestic refining sector.
The development comes as Dangote Petroleum (DG) prepares to pay a record dividend of USD 0.59 per share on July 21, a move that contrasts with the operational headwinds facing the broader Nigerian refining industry.
Investors will be watching to see if these supply constraints impact future output guidance.