Nigeria imported about two million barrels of crude from Libya in May, marking the first recorded shipment from the North African country to Africa’s biggest oil producer and exposing the supply gap facing local refiners.
The transaction also points to Libya’s growing influence in African energy trade, despite years of post-Gaddafi instability, disputes over oil revenues and repeated output disruptions.
Although often seen as an underdog, Libya holds Africa’s largest proven oil reserves, estimated at about 48 billion barrels, giving it a strategic position in the continent’s petroleum market.
Libya Finds New Buyers
The shipment followed reports in 2024 that the $20 billion Dangote Petroleum Refinery, owned by Africa’s richest man, Aliko Dangote, was exploring crude supply from Libya.
