Five-month crude exports fetch Nigeria N20tn

Nigeria's crude oil exports generated approximately N20.22tn ($14.66bn) in the first five months of 2026, highlighting the nation's substantial oil trade. This revenue stream is crucial for the country's foreign exchange earnings, though it raises concerns about sufficient feedstock for domestic refineries like Dangote.

The export volume from January to May 2026 reached 148.9 million barrels. While this represents a 3.3% decrease from the same period in 2025, the export value saw a substantial 29.5% jump. This increase is attributed to significantly higher crude oil prices in 2026.

Overall crude oil production for the five-month period was 216.85 million barrels, valued at roughly $21.28bn (N29.36tn). Production and export volumes showed fluctuations throughout the months, with average daily production increasing from 1.46 million barrels per day in January to 1.53 million barrels per day in May. Similarly, average daily exports rose from 1.01 million barrels per day in January to 1.08 million barrels per day in May.