Nigeria earns N24tn from crude exports in six months

Nigeria's crude oil exports generated a substantial N24.02 trillion (approximately $17.60 billion) in the first six months of 2026. This significant revenue stream comes from the export of about 182.2 million barrels of crude oil, highlighting the nation's persistent dependence on oil sales for foreign exchange.

Analysis of production and export data from January to June 2026 reveals that the country produced an estimated 263.65 million barrels of crude during this period, valued at around $25.41 billion or N34.69 trillion. The export figures, while lower than total production, still represent a major economic driver for the country.

Monthly production and export volumes showed fluctuations. For instance, production dipped in February to 36.68 million barrels before rebounding in subsequent months. Exports followed a similar pattern, with February seeing a low of 24.08 million barrels exported, while May recorded the highest export volume at 33.48 million barrels. The average daily crude production also saw an increase from 1.46 million barrels per day in January to 1.56 million barrels per day by June, indicating a recovery after an earlier dip.

These export earnings, derived from both international and indigenous oil producers including the Nigerian National Petroleum Company Limited, underscore the critical role of crude oil in Nigeria's economy. Despite concerns over feedstock availability for domestic refineries, the country's continued reliance on crude exports remains a defining feature of its economic landscape.