Refined Oil Overtakes Crude as Nigeria’s Biggest Goods Export to UK
Refined petroleum products have overtaken crude oil as Nigeria’s leading goods export to the United Kingdom by value, according to the latest trade figures from the UK Department for Business and Trade.
The Nigeria Trade and Investment Factsheet showed that in the 12 months to March 2026, the UK imported £674.5 million worth of refined oil from Nigeria, representing 47.5% of its total goods imports from the country.
Crude oil followed with imports valued at £438.9 million, accounting for 30.9%, while natural gas ranked third at £179.3 million, or 12.6%.
The figures represent a notable change in the composition of Nigeria’s energy exports to the UK, where crude oil has traditionally dominated trade.
According to the report, crude oil imports from Nigeria fell by 64.3% compared with the previous 12-month period. Gas imports, however, increased by 6.9%.
The report did not provide growth rates for refined oil and some other products because the UK’s Office for National Statistics suppresses percentage changes when growth exceeds 100% from a low base.
Other leading Nigerian goods imported by the UK included coffee, tea and cocoa products worth £29.3 million, representing 2.1% of total imports, as well as processed fertilisers valued at £25.2 million, or 1.8%.
Refined Oil Also Leads UK Exports to Nigeria
Refined petroleum products were also the UK’s biggest goods export to Nigeria during the period.
The UK exported £725.6 million worth of refined petroleum products to Nigeria, accounting for 51.2% of its total goods exports to the country. However, this represented a 44.7% decline from the previous year.
Other major UK exports to Nigeria included toilet and cleansing preparations valued at £61.6 million, textile fabrics worth £48.6 million, general industrial machinery at £40.3 million and mechanical power generators valued at £32.9 million.
UK-Nigeria Trade Declines
Overall trade between the two countries weakened during the period under review.
Total trade in goods and services stood at £7.3 billion in the four quarters ending in March 2026, representing a 3.4% decline, equivalent to £258 million, compared with the previous year.
UK exports to Nigeria fell by 0.9% to £5.3 billion, while imports from Nigeria dropped by 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, representing 30.3%. Goods imports declined by 11.3% year-on-year, while services imports fell by 4.3%.
Despite the overall decline, the UK maintained a substantial trade surplus with Nigeria, which widened from £3.1 billion in 2025 to £3.3 billion in the 12 months to March 2026.
The UK recorded a goods trade deficit of £3 million with Nigeria, compared with a £344 million goods trade surplus a year earlier. Its services trade surplus, meanwhile, increased from £2.8 billion to £3.3 billion.
Nigeria remained the UK’s 38th-largest trading partner during the period, accounting for 0.4% of total UK trade. Nigeria ranked as the UK’s 29th-largest export market and 50th-largest source of imports.
New Agreements Seek to Strengthen Trade Ties
The latest figures come after Nigeria and the UK signed three agreements covering migration, border security and trade during President Bola Tinubu’s state visit to the UK.
The agreements, comprising two Memoranda of Understanding and a Statement of Intent, are aimed at strengthening bilateral cooperation, promoting safe migration and reducing barriers to trade.
The agreements were signed by UK Home Secretary Shabana Mahmood, UK Trade Envoy Florence Eshalomi and Nigeria’s Minister of Interior, Olubunmi Tunji-Ojo.
The Federal Government, through the Nigeria Investment Promotion Council, has also engaged experts from 30 UK companies to advance trade and investment agreements reached during Tinubu’s visit.
The engagement followed the UK’s first trade and investment mission to Nigeria since the state visit and was aimed at turning the agreements reached at government level into practical business opportunities for companies in both countries.
