Dangote Refinery exports petrol, aviation fuel following Tinubu’s naira-for-crude, FX reforms

The Dangote Refinery has become a net exporter of petrol and aviation fuel, according to the Presidency, which attributed the milestone to President Bola Tinubu's economic reforms. Key measures cited include the naira-for-crude policy, foreign exchange market unification, and the removal of petrol subsidy. These interventions, the Presidency said, have strengthened investor confidence, improved access to foreign exchange for export-oriented firms, and enhanced corporate financial performance across the energy and manufacturing sectors.

Approvals of major oil asset transfers were also highlighted, including the Renaissance Africa Energy consortium's acquisition of Shell's SPDC assets and Seplat Energy's takeover of Mobil Producing Nigeria Unlimited's operations. The Presidency stated these deals expanded reserve bases and production capacity for indigenous companies such as Aradel and Seplat. Local refining capacity received a boost from the naira-for-crude initiative, enabling Dangote Refinery to export PMS and aviation fuel. Unified exchange rates allowed firms like Aradel Holdings and Seplat Energy to accurately report dollar earnings, while manufacturers including Dangote Cement, BUA Cement and HBM benefited from smoother procurement and planning.

The Presidency linked stronger fiscal health and macroeconomic stability to the end of petrol subsidy, tighter monetary policy, banking sector recapitalisation, and tax reforms. It argued that structural changes collectively improved market efficiency and business conditions, leading to higher revenues and earnings before tax for listed firms in the first half of 2026. The Special Adviser on Information and Strategy, Bayo Onanuga, said the results reflect broader economic gains rather than isolated company successes.

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