Refined oil overtakes crude as Nigeria's top UK export in year to March 2026
The UK imported £674.5 million of refined petroleum products from Nigeria in the 12 months to March 2026, making it Nigeria's leading goods export to Britain by value at 47.5% of total UK goods imports from Nigeria. This overtakes crude oil, which fell to £438.9 million (30.9%) after a 64.3% year-on-year decline, while natural gas imports rose 6.9% to £179.3 million (12.6%).
The shift reflects changing global energy demand patterns, with refined products now surpassing crude oil historically dominant in Nigeria-UK energy trade. Beyond energy, Nigeria's top non-oil exports to the UK included coffee/tea/cocoa (£29.3m, 2.1%) and processed fertilisers (£25.2m, 1.8%). Meanwhile, the UK exported £725.6m of refined oil to Nigeria (51.2% of its goods exports there), despite a 44.7% YoY decline.
Overall bilateral trade weakened to £7.3bn (down 3.4% YoY), with UK imports from Nigeria falling 9.3% to £2.0bn. Yet the UK's trade surplus with Nigeria widened to £3.3bn from £3.1bn, driven by a services surplus increase to £3.3bn from £2.8bn. Nigeria remains the UK's 38th largest trading partner (0.4% of UK trade).
What does this structural shift in Nigeria's export basket mean for the country's energy revenue stability and economic diversification efforts as traditional crude demand wanes?