U.S. Exports More Crude Oil to Nigeria Than It Imports for the First Time in 2024
For the first time in history, the United States exported more crude oil to Nigeria than it imported during February and March 2024, according to data from the U.S. Energy Information Administration (EIA).
This reversal in trade flows was largely driven by reduced demand on the U.S. East Coast due to scheduled refinery maintenance and increased demand from Nigeria’s newly operational Dangote Refinery.
The $20 billion facility, which began operations in 2024, is the largest refinery in Africa with a processing capacity of 650,000 barrels of crude oil per day.
Its launch has disrupted global trade patterns and is projected to phase out the long-standing gasoline export trade from Europe to Africa—an industry worth an estimated $17 billion annually.
In February 2024, U.S. crude oil exports to Nigeria averaged 111,000 barrels per day (b/d), rising to 169,000 b/d in March.
Over the same period, U.S. imports from Nigeria dropped to 54,000 b/d in February and 72,000 b/d in March. For comparison, U.S. imports from Nigeria in January were 133,000 b/d.
The decline in imports was also attributed to maintenance at the Phillips 66 Bayway refinery in New Jersey, which temporarily reduced East Coast crude demand.
However, imports rebounded in April following the refinery’s return to full capacity. At the same time, output at the Dangote plant was briefly slowed due to unplanned maintenance.
Analysts emphasize that this shift may not signal a lasting trend. “The new refinery in Nigeria and some issues in securing domestic supplies played a role for those unique flows earlier this year,” said Eli Tesfaye, senior strategist at RJO Futures.
Giovanni Staunovo, an analyst at UBS, echoed the sentiment, noting that while Nigeria’s refinery may continue sourcing from the U.S. in the short term, future volumes are uncertain.
“With the refinery now aiming to secure more domestic supply and possibly explore other crude grades, it’s hard to predict whether U.S. exports to Nigeria will remain elevated.”
Despite the recent reversal, Nigeria ranked as the ninth-largest supplier of crude oil to the United States in 2023.
