Nigeria exported an estimated 182.2 million barrels of crude oil valued at N24.02 trillion during the first half of 2026, driven largely by higher international crude prices despite ongoing concerns over inadequate feedstock for domestic refineries.
An analysis of crude oil production and export data for the period from January to June 2026 showed that the exported crude was worth about $17.60 billion, equivalent to N24.02 trillion at an exchange rate of N1,365 to the United States dollar.
Data from the Central Bank of Nigeria (CBN) indicated that the country produced an estimated 263.65 million barrels of crude oil during the six-month period, with a gross market value of approximately $25.41 billion, or N34.69 trillion.
The estimates were based on 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 estimates were calculated using average daily production of 1.56 million barrels and exports of 1.11 million barrels at an average price of $88.24 per barrel.
Production stood at 45.26 million barrels in January before declining to 36.68 million barrels in February. Output subsequently recovered 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 trend, with 31.31 million barrels exported 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 an estimated 33.30 million barrels in June.
The value of crude production 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 value of production to about $25.41 billion.
Estimated export earnings stood 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 approximately $17.60 billion.
The crude oil was exported by both international and indigenous producers, including the Nigerian National Petroleum Company Limited (NNPCL), reinforcing crude exports as Nigeria’s principal source of foreign exchange earnings.
The figures also showed an improvement in average daily production after a decline in February. Output rose from 1.46 million barrels per day in January to 1.56 million barrels per day in June, after falling to 1.31 million barrels per day in February.
Average daily exports also increased from 1.01 million barrels per day in January to 1.11 million barrels per day in June, although exports dipped to 860,000 barrels per day in February.
Overall, Nigeria exported about 69 per cent of its crude oil production during the first six months of the year, leaving an estimated 81.45 million barrels available for domestic refining, storage, operational requirements and inventory adjustments.
The increase in export earnings was attributed mainly to stronger international crude oil prices rather than higher export volumes. Global oil prices rose between March and May amid geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz. Although prices moderated in June, they remained above levels recorded at the beginning of the year.
The estimated values represent the gross market value of crude oil produced and exported and do not reflect the actual revenue accruing to the Federal Government, which is influenced by production-sharing contracts, royalties, taxes, operating costs, domestic crude supply obligations and other commercial arrangements.
The export performance comes amid continuing concerns over crude oil availability for domestic refineries.
Industry stakeholders have argued that crude producers continue to prioritise exports because of higher returns, despite the Domestic Crude Supply Obligation (DCSO) provided for under the Petroleum Industry Act.
Dangote Petroleum Refinery has repeatedly accused the Federal Government and its agencies of failing to ensure adequate domestic crude supply, alleging that poor implementation of the DCSO has constrained its operations. The Federal Government has denied the claims.
The refinery had earlier suspended the sale of petrol in naira, directing marketers to pay in United States dollars before subsequently reverting to naira transactions.
Court documents filed by the refinery before the Federal High Court in Lagos stated that its operations depend on crude supply arrangements with the NNPCL and argued that inadequate domestic crude allocation was affecting its refining capacity.
Commenting on the issue, the Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, said most modular refineries source crude directly from private oil producers rather than through government allocations.
He called on the Federal Government to fully enforce the Domestic Crude Supply Obligation to guarantee adequate feedstock for local refineries while maintaining Nigeria’s crude production and export targets.
