Nigeria earned an estimated N24.02 trillion from crude oil exports in the first half of 2026, exporting 182.2 million barrels as higher global oil prices boosted export values despite concerns over domestic refinery supply.
Nigeria earned an estimated N24.02 trillion from crude oil exports in the first six months of 2026, as higher international oil prices significantly boosted the value of the country’s shipments despite persistent concerns over inadequate crude supply to domestic refineries.
An analysis of crude oil production and export data for January to June 2026 shows that Nigeria exported approximately 182.2 million barrels of crude oil valued at $17.6 billion, equivalent to N24.02 trillion at an exchange rate of N1,365 to the US dollar.
Data from the Central Bank of Nigeria (CBN) indicates that total crude production during the period stood at 263.65 million barrels, with an estimated gross market value of $25.41 billion (N34.69 trillion).
Production Rebounds After February Dip
Nigeria’s crude production fluctuated during the six-month period but recovered steadily after declining in February.
The country 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, rose to 44.70 million barrels in April, climbed further to 47.43 million barrels in May, and was estimated at 46.80 million barrels in June.
Exports followed a similar trend, increasing from 24.08 million barrels in February to 33.30 million barrels by June after recovering from the early-year slowdown.
Overall, Nigeria exported roughly 69 per cent of the crude it produced during the period, leaving about 81.45 million barrels for domestic refining, storage and other operational requirements.
Higher Oil Prices Lift Export Earnings
The rise in export earnings was driven largely by stronger global crude prices rather than a sharp increase in export volumes.
International oil prices climbed between March and May amid geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz, pushing up the value of Nigerian crude exports. Although prices moderated in June, they remained above levels recorded at the start of the year.
Monthly 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.
The crude exports were undertaken by both international oil companies and indigenous producers, including the Nigerian National Petroleum Company Limited (NNPC Ltd.), reinforcing crude oil’s position as Nigeria’s largest source of foreign exchange.
Domestic Refiners Continue to Raise Supply Concerns
The strong export performance comes amid continued debate over the availability of crude oil for domestic refining.
Industry stakeholders have argued that producers continue to prioritise exports because of higher international returns despite the Domestic Crude Supply Obligation (DCSO) established under the Petroleum Industry Act (PIA).
In recent months, Dangote Petroleum Refinery has repeatedly alleged that inadequate domestic crude allocations have disrupted its operations, accusing government agencies of failing to fully implement the DCSO. The refinery briefly suspended petrol sales in naira before later restoring the arrangement, while court filings argued that insufficient crude supply was affecting refining operations.
The Federal Government has rejected the allegations, maintaining that efforts are ongoing to support local refining.
Meanwhile, the Crude Oil Refinery Owners Association of Nigeria (CORAN) has urged the government to fully enforce domestic crude supply obligations to ensure local refineries receive adequate feedstock while preserving Nigeria’s export earnings.
