Refined oil makes up 47.5% of UK imports from Nigeria, surpassing crude
The United Kingdom imported more refined petroleum products than crude oil from Nigeria in the 12 months ended March 2026, marking a shift in the composition of the country’s energy exports to one of its major trading partners.
According to the latest Nigeria Trade and Investment Factsheet released by the UK’s Department for Business and Trade, refined oil accounted for £674.5 million, representing 47.5% of all UK goods imports from Nigeria during the period
Crude oil followed at £438.9 million, accounting for 30.9%, while natural gas ranked third at £179.3 million or 12.6%.
What data in the report shows
The report noted that crude oil imports from Nigeria declined by 64.3% compared to the previous 12-month period, while imports of gas rose by 6.9%. Growth rates for refined oil and some other commodities were not disclosed because the Office for National Statistics suppresses percentage changes where growth exceeds 100% from a low base.
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The latest figures suggest that refined petroleum products have become Nigeria’s leading goods export to the UK by value, overtaking crude oil, which has historically dominated bilateral energy trade.
Besides refined oil, the UK’s top goods imports from Nigeria included coffee, tea and cocoa products worth £29.3 million, representing 2.1% of total goods imports, and processed fertilisers valued at £25.2 million, accounting for 1.8%.
On the other side of the trade relationship, refined oil was also the UK’s largest goods export to Nigeria. The UK exported £725.6 million worth of refined petroleum products to Nigeria during the same period, representing 51.2% of its total goods exports to the country despite a 44.7% year-on-year decline.
Other major UK exports to Nigeria were toilet and cleansing preparations valued at £61.6 million, textile fabrics at £48.6 million, general industrial machinery worth £40.3 million and mechanical power generators at £32.9 million.
Bilateral trade falls despite UK surplus
Overall, trade between both countries weakened during the review period.
The report showed that total trade in goods and services between the UK and Nigeria stood at £7.3 billion in the four quarters to the end of Q1 2026, representing a 3.4% decline, or £258 million, from the corresponding period a year earlier. UK exports to Nigeria slipped 0.9% to £5.3 billion, while imports from Nigeria fell 9.3% to £2.0 billion.
Goods accounted for £1.4 billion, or 69.7%, of the UK’s imports from Nigeria, while services contributed £616 million, or 30.3%. Imports of goods declined by 11.3% year-on-year, while services imports dropped by 4.3%.
Despite the decline in overall trade, the UK maintained a trade surplus with Nigeria. The surplus widened to £3.3 billion in the 12 months ended March 2026 from £3.1 billion in the corresponding period of 2025. The report also showed that the UK recorded a goods trade deficit of £3 million with Nigeria, compared with a goods trade surplus of £344 million a year earlier, while its services trade surplus increased to £3.3 billion from £2.8 billion.
Nigeria remained the UK’s 38th largest trading partner during the period, accounting for 0.4% of total UK trade. It ranked as the UK’s 29th largest export market and 50th largest import source.
What you should know
Nairametrics earlier reported that the United Kingdom and Nigeria signed three agreements covering migration, border security, and trade during the State Visit of President Bola Tinubu.
The deals, comprising two Memoranda of Understanding and a Statement of Intent, aim to deepen cooperation between both countries while promoting safe migration and easing trade barriers.
The agreements were signed by UK Home Secretary Shabana Mahmood, UK Trade Envoy Florence Eshalomi, and Nigeria’s Minister of Interior, Dr Olubunmi Tunji-Ojo, marking a significant step in bilateral relations.
It was also reported that the Federal Government, through the Nigeria Investment Promotion Council (NIPC), engaged experts from 30 United Kingdom companies to advance trade and investment agreements reached during President Bola Tinubu’s State Visit in March.
The engagement followed the UK’s first trade and investment mission to Nigeria since the State Visit, aimed at translating high-level agreements into practical business opportunities for companies in both countries.
