Nigeria's Crude Oil Exports Reach N24tn in H1 2026

In the first half of 2026, Nigeria exported an estimated 182.2 million barrels of crude oil valued at N24.02 trillion, benefiting from elevated international oil prices. The analysis revealed that the crude exports were worth about $17.60 billion, calculated at an exchange rate of N1,365 to the US dollar.

Data from the Central Bank of Nigeria indicated that the country produced approximately 263.65 million barrels of crude oil during this period, with a market value of $25.41 billion, or N34.69 trillion. Monthly production figures showed fluctuations, with January production at 45.26 million barrels, dipping to 36.68 million in February, and rebounding to 47.43 million in May.

Crude exports also varied, totaling 31.31 million barrels in January and 33.30 million in June. The Nigerian National Petroleum Company Limited was among the exporters, highlighting Nigeria's reliance on crude exports as its primary source of foreign exchange.

Overall, Nigeria exported about 69% of its crude production in the first six months of 2026.