Nigeria’s energy trade with the United Kingdom has undergone a notable shift, with refined petroleum products emerging as the country’s largest goods export to Britain in the 12 months to March 2026.
According to a new factsheet released by the UK Department for Business and Trade, Nigeria exported refined petroleum products worth £674.5 million to the UK during the period. The figure represented 47.5 per cent of the total value of UK goods imports from Nigeria.
Crude oil, traditionally a major component of Nigeria’s exports to the UK, ranked second, with imports valued at £438.9 million, representing 30.9 per cent. Natural gas followed with £179.3 million, or 12.6 per cent.
The figures point to a changing pattern in the energy relationship between both countries, as refined products surpassed crude oil in export value for the period under review.
The shift was driven partly by a sharp decline in crude oil shipments. The UK report said crude oil imports from Nigeria dropped by 64.3 per cent compared with the previous year.
Natural gas, however, moved in the opposite direction, recording a 6.9 per cent increase during the same period.
The report also noted that the Office for National Statistics suppressed growth rates for refined petroleum products and some other categories where percentage changes exceeded 100 per cent from a low base.
Beyond the energy sector, Nigeria’s other notable exports to the UK included coffee, tea and cocoa products, valued at £29.3 million, representing 2.1 per cent of goods imports from Nigeria. Processed fertilisers accounted for another £25.2 million, or 1.8 per cent.
UK Remains Major Supplier of Refined Products
The trade relationship is not one-sided when it comes to petroleum products. While Nigeria exported substantial volumes of refined products to the UK, Britain also remained a significant supplier of refined petroleum to Nigeria.
UK exports of refined petroleum products to Nigeria were valued at £725.6 million in the 12 months to March 2026. They accounted for 51.2 per cent of the UK’s total goods exports to Nigeria.
However, the value of those exports fell by 44.7 per cent year on year, indicating a significant contraction in Britain’s refined petroleum trade with Nigeria.
Other major UK exports to Nigeria included toiletries, worth £61.6 million; textile fabrics, £48.6 million; industrial machinery, £40.3 million; and mechanical power generators, £32.9 million.
Overall Trade Declines
The latest figures also showed a weakening in the broader trade relationship between the two countries.
Total trade in goods and services between the UK and Nigeria stood at £7.3 billion in the four quarters to the end of the first quarter of 2026. This represented a 3.4 per cent, or £258 million, decline from the previous year.
UK exports to Nigeria fell marginally by 0.9 per cent to £5.3 billion, while imports from Nigeria declined more sharply, dropping 9.3 per cent to £2.0 billion.
Goods accounted for £1.4 billion, or 69.7 per cent, of UK imports from Nigeria, while services contributed £616 million, representing 30.3 per cent.
On a year-on-year basis, goods imports from Nigeria declined by 11.3 per cent, while services imports fell by 4.3 per cent.
Britain Maintains Large Trade Surplus
Despite the overall decline in trade, the UK continued to record a sizeable trade surplus with Nigeria.
The surplus stood at £3.3 billion in the 12 months to March 2026, increasing from £3.1 billion recorded a year earlier.
The composition of that surplus, however, changed during the period. The UK moved from a £344 million goods trade surplus with Nigeria to a marginal £3 million goods trade deficit.
At the same time, Britain's services trade surplus widened significantly, rising to £3.3 billion from £2.8 billion the previous year.
The figures suggest that while merchandise trade between both countries has become more closely balanced, the UK continues to derive a substantial advantage from its services trade with Nigeria.
Nigeria Ranks 38th Among UK Trading Partners
Despite its importance as one of Africa’s largest economies and a major energy producer, Nigeria remained the UK’s 38th-largest trading partner during the period under review.
Nigeria accounted for 0.4 per cent of the UK's total trade. It ranked 29th among the UK’s export markets and 50th among countries from which Britain sourced imports.
The latest data therefore highlight a mixed picture in UK-Nigeria trade: refined petroleum products have gained prominence in Nigeria’s exports to Britain, while crude oil shipments have fallen sharply. At the same time, overall trade has contracted, even as the UK’s large services surplus continues to underpin its broader trade advantage with Nigeria.