Nigeria's Crude Oil Earnings Drop N1.75tn in Q1 2026

In the first quarter of 2026, Nigeria's crude oil export earnings decreased by N1.75 trillion, totaling N11.20 trillion, down 13.53% from N12.96 trillion in Q1 2025. Despite a rise in global oil prices, which peaked at around $118 per barrel in March 2026, the decline in crude oil exports translated to a year-on-year loss.

Crude oil remained Nigeria's dominant export, comprising 52.92% of total exports, which rose to N21.17 trillion from N20.60 trillion in Q1 2025, marking a 2.77% increase. Non-oil exports also saw growth, rising to N9.97 trillion from N7.64 trillion.

The report from the National Bureau of Statistics indicated that lower imports contributed to a stronger trade surplus of N7.55 trillion in Q1 2026 compared to N1.71 trillion in Q4 2025. The decline in crude oil earnings coincided with geopolitical tensions in the Middle East, which raised concerns about global oil supply disruptions.