Nigeria recorded a significant milestone in its petroleum sector as exports of jet fuel to Europe reached 466,000 metric tonnes in June, the highest monthly volume since the country became a net exporter of aviation fuel in 2024 following the start of operations at the Dangote Refinery.
The shipment, estimated at about 582.5 million litres, was valued at approximately ₦757 billion, based on a domestic price estimate of ₦1,300 per litre, equivalent to roughly $553 million.
Data from S&P Global’s Commodities at Sea (CAS) showed that Nigeria’s jet fuel exports to Europe almost doubled from 232,000 metric tonnes in May to 466,000 metric tonnes in June. During the same period, exports from the United States to Europe declined from 560,000 metric tonnes to 399,000 metric tonnes, after reaching a record 818,000 metric tonnes in April.
The increase in Nigerian exports came despite weaker demand in the European aviation fuel market. Market data indicated that jet fuel prices in Northwest Europe dropped sharply between March and the end of June due to increased refinery production and softer-than-expected summer travel demand, creating an oversupply in the region.
Industry analysts attributed the market surplus to rising production from European refineries, combined with stronger fuel shipments from Nigeria and other major exporting countries.
The latest figures further underscore the growing international presence of the Dangote Refinery, which has expanded exports of refined petroleum products, including gasoline, diesel, and aviation fuel, to markets across Africa, Europe, and beyond.
The refinery’s expansion aligns with Dangote Industries’ broader investment strategy, which includes billions of dollars earmarked for refining, cement, and fertiliser projects over the coming years. The company also plans to establish a large-scale refinery in Kenya to complement its Nigerian operations and strengthen fuel supply across Africa.
Together, the planned facilities are expected to create one of the continent’s largest refining networks, reducing Africa’s dependence on imported refined petroleum products while boosting regional energy security.
Despite Nigeria’s growing market share, competition in Europe’s fuel market is expected to intensify as refinery operations recover in the Middle East and shipping routes through the Suez Canal continue to improve.
Recent data also showed rising jet fuel exports from Saudi Arabia and India to Europe, while analysts believe many refiners may increasingly focus on diesel production because of stronger profit margins. Nevertheless, Nigeria’s record June exports demonstrate the Dangote Refinery’s expanding influence in the global fuel trade.
