Dike Onwuamaeze
The Centre for the Promotion of Private Enterprise (CPPE) has attributed the 37.46 per cent growth recorded by the Nigerian petroleum refining sector in the first quarter (Q1) of 2026 to the emergence of Dangote Refinery and rise in global demand for Nigerian refined petroleum products amid persistent geopolitical tensions in the Middle East and the resultant disruptions within the global energy market.
The CPPE made this declaration in its review of the Q1 2026 GDP report that was released by the National Bureau of Statistics (NBS), which showed that Nigeria recorded a year-on-year real GDP growth of 3.89 per cent, compared with 3.13 per cent in Q1 2025.
The Chief Executive Officer of CPPE, Dr. Muda Yusuf, noted that petroleum refining, real estate, construction and minerals recorded strong performance in the GDP report.
Yusuf said: “The construction and real estate sectors maintained solid momentum, jointly contributing close to 18 per cent to GDP, reflecting sustained infrastructure investments and growing investor interest in property-related assets.
“Particularly noteworthy was the exceptional performance of the oil refining sector that expanded by 37.46 per cent, which was also the strongest growth recorded by any sector in the quarter.
“This remarkable performance underscores the transformative potential of domestic refining in advancing energy security, deepening import substitution, accelerating industrialisation and conserving foreign exchange.”
He added: “The impressive growth trajectory was also likely supported by elevated regional and global demand for locally refined petroleum products amid persistent geopolitical tensions in the Middle East and the resultant disruptions within the global energy market.
“The exceptional performance of the sector was driven largely by the operations of the Dangote Refinery, whose emergence is increasingly reshaping Nigeria’s energy ecosystem, strengthening domestic value addition and reducing the economy’s dependence on imported petroleum products.”
The CPPE noted that quarrying and minerals sector similarly grew by 23.41 per cent, while the cement sector expanded by 11.53 per cent, reflecting robust construction activities within the economy.
Yusuf stated that the manufacturing sector still remained fragile despite recording a modest growth of 3.29 per cent, up from 1.13 per cent it recorded in Q4 2025.
