Nigeria's Crude Oil Production Hits ₦52.11 Trillion in 2026

Between January and September 2026, Nigeria produced an estimated 402.86 million barrels of crude oil, valued at approximately ₦52.11 trillion based on monthly average production rates and Bonny Light prices. This valuation was calculated using an exchange rate of ₦1,331 to the dollar and data from the Central Bank of Nigeria, resulting in a gross value of about $39.15 billion before conversion to naira.

The figures represent the estimated value of crude produced by all operators, including the Nigerian National Petroleum Company Limited, and do not reflect the amount received by the Federal Government. Monthly production and value fluctuated, with January producing 45.26 million barrels valued at $3.08 billion, while April recorded the highest estimated monthly value at $5.66 billion from 44.70 million barrels.

The lowest production occurred in February with 36.68 million barrels valued at $2.65 billion. The estimated value rose again in August and September, with September's production valued at approximately $5.38 billion.