Nigeria's Crude Oil Exports Hit N12.91 Trillion in Q2 2026

According to the National Bureau of Statistics (NBS), Nigeria's crude oil exports reached N12.91 trillion in the second quarter of 2026, representing 47.79% of the country's total exports. This surge occurred amid rising international crude oil prices, with Brent crude trading around $98 per barrel due to geopolitical tensions in the Gulf region.

The overall merchandise trade for Nigeria rose to N41.44 trillion, a 5.61% increase from N39.24 trillion in Q2 2025. Exports accounted for 65.20% of this trade, valued at N27.02 trillion, while imports were N14.42 trillion.

Analysts caution that higher international prices will not ensure sustained export growth if production is disrupted by oil theft, pipeline vandalism, or instability in the Niger Delta. They advocate for continued investment in oil infrastructure protection, including pipeline surveillance operations.

Asia was Nigeria's largest export market, followed by Europe and Africa, with India being the leading individual destination.