Nigeria earned an estimated N24.02 trillion from crude oil exports in the first half of 2026 as elevated international oil prices boosted the value of shipments despite ongoing concerns about inadequate feedstock for domestic refineries.
An analysis of production and export data from January to June 2026 shows that the country exported 182.2 million barrels of crude valued at about $17.60 billion. At an exchange rate of N1,365 to the dollar, the export value translates to N24.02 trillion.
Data obtained from the Central Bank of Nigeria indicated that Nigeria produced about 263.65 million barrels of crude during the six-month period, with an estimated market value of $25.41 billion, or N34.69 trillion.
The estimates were derived from average daily crude oil production and export volumes for each month, multiplied by the number of days in the respective months and valued using the corresponding average monthly Bonny Light crude oil prices. June production and export volumes were estimated using average daily production of 1.56 million barrels and exports of 1.11 million barrels per day at an average crude price of $88.24 per barrel.
A month-by-month breakdown showed that Nigeria produced 45.26 million barrels in January before output fell to 36.68 million barrels in February. Production rebounded to 42.78 million barrels in March, increased to 44.70 million barrels in April and 47.43 million barrels in May, while June production was estimated at 46.80 million barrels.
Crude exports followed a similar pattern. The country exported 31.31 million barrels in January, 24.08 million barrels in February, 28.83 million barrels in March, 31.20 million barrels in April, 33.48 million barrels in May, and 33.30 million barrels in June.
The value of crude produced during the period was estimated at $3.08 billion in January, $2.65 billion in February, $4.54 billion in March, $5.67 billion in April, $5.34 billion in May, and $4.13 billion in June, bringing the cumulative production value to about $25.41 billion.
Export earnings were estimated at $2.13 billion in January, $1.74 billion in February, $3.06 billion in March, $3.95 billion in April, $3.77 billion in May, and $2.94 billion in June, resulting in total export earnings of about $17.60 billion.
The crude was exported by both international and indigenous oil producers, including the Nigerian National Petroleum Company Limited, underscoring the country’s continued reliance on crude exports as its biggest source of foreign exchange.
Overall, Nigeria exported about 69 per cent of the crude it produced during the first six months of the year, leaving approximately 81.45 million barrels available for domestic refining, storage, operational use, and inventory adjustments.
The increase in export earnings was driven largely by stronger international crude prices rather than higher export volumes. Oil prices surged between March and May following geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz. Although prices eased in June, they remained above the levels recorded at the beginning of the year.
The estimated values represent the gross market value of the crude oil produced and exported and do not reflect the actual revenue accruing to the government, which is affected by production-sharing contracts, royalties, taxes, operating costs, domestic crude supply obligations, and other commercial arrangements.
The export performance comes as concerns persist over crude availability for domestic refineries. Stakeholders have repeatedly argued that crude producers continue to favour exports because of stronger returns, despite the Domestic Crude Supply Obligation provided for in the Petroleum Industry Act.
