Nigeria's Crude Oil Exports Reach N20.22 Trillion in 2026

In the first five months of 2026, Nigeria's crude oil exports were valued at approximately N20.22 trillion, equivalent to about $14.66 billion, despite a decline in export volume of 5.1 million barrels compared to the same period in 2025. The total volume of crude oil produced during this period was 216.85 million barrels, with a gross market value of around $21.28 billion.

The Nigerian National Petroleum Company and other indigenous oil companies faced challenges due to insufficient domestic feedstock. The average daily crude oil export volume increased from 1.01 million barrels per day in January to 1.08 million barrels per day in May 2026.

The average international crude oil prices saw significant increases, with prices jumping from $68.05 in January to $126.71 in April. Overall, Nigeria's crude oil export earnings rose nearly 30% in the first five months of 2026, driven by higher international oil prices, despite a decrease in shipment volumes.