Refineries, rising exports push Nigeria’s foreign reserves above $55bn
Nigeria’s foreign exchange reserves have climbed above $55 billion, while non-oil exports have reportedly overtaken crude oil exports for the first time, signalling a shift in the country’s foreign exchange earnings.
The development comes amid increased domestic refining, efforts to improve dollar liquidity and renewed moves by the Federal Government and the Central Bank of Nigeria (CBN) to strengthen economic coordination.
The changing export pattern is a key development for an economy that has depended heavily on crude oil for export earnings and government revenue.
For decades, crude oil dominated Nigeria’s export earnings.
However, rising exports of refined petroleum products, natural gas, urea and other non-crude commodities are reshaping the country’s trade profile.
Data from the National Bureau of Statistics (NBS) showed that non-crude exports stood at N14.11 trillion in the second quarter of 2026, surpassing crude oil exports valued at N12.91 trillion.
The figures point to the growing contribution of non-crude products to Nigeria’s export earnings, although petroleum-related products remain a major component of the increase.
The expansion of domestic refining capacity, particularly the Dangote Refinery, has strengthened Nigeria’s ability to process crude oil locally and potentially export refined products.
