By Sandra Kenneth
Driven by elevated international oil prices, Nigeria generated an estimated ₦24.02 trillion ($17.60 billion) from crude oil exports in the first half of 2026, even as domestic refineries continue to grapple with severe supply shortages.
Analysis of crude oil production and export data from January to June 2026 shows that the nation exported approximately 182.2 million barrels during the six-month period. The figures, benchmarked against an exchange rate of ₦1,365 to the US dollar, highlight the country’s continued dependence on crude sales as its primary foreign exchange earner.
Data sourced from the Central Bank of Nigeria (CBN) indicates total H1 production reached 263.65 million barrels, with a gross market value of $25.41 billion (₦34.69 trillion).
Monthly Breakdown & Production Recovery
After a sharp dip in February, daily crude output and export volumes gradually recovered through the end of the second quarter:
- Production Trends: Output began at 45.26 million barrels (1.46 million barrels per day) in January, dropped to 36.68 million barrels (1.31 million bpd) in February, before steadily climbing to peak at 47.43 million barrels in May. June production closed at an estimated 46.80 million barrels (1.56 million bpd).
- Export Volumes: Exports mirrored output trends, dropping to a low of 24.08 million barrels (860,000 bpd) in February before rising to 33.30 million barrels (1.11 million bpd) in June.
- Monthly Revenue: Export earnings peaked in April at $3.95 billion, supported by Bonny Light crude prices that surged amid geopolitical tensions in the Middle East and shipping disruptions in the Strait of Hormuz.
By the end of June, average crude prices stood at $88.24 per barrel.
Export Dominance vs. Local Refining
Overall, Nigeria exported roughly 69% of its total crude output during the first half of the year.
While the remaining 31%—approximately 81.45 million barrels—was theoretically available for domestic refining, storage, and operational use, industry stakeholders note that local refiners continue to report significant supply shortfalls. The surge in national export revenues was primarily fueled by strong international market pricing rather than a substantial leap in total output volumes.
