Nigeria rakes in N41.7tn from six-month crude production

Nigeria's hydrocarbon sector generated an estimated N41.7 trillion (approximately $28.08 billion) from the production of nearly 295.18 million barrels of crude oil and condensate during the first half of 2026. This output represents a slight recovery from the latter half of the previous year but indicates a marginal decline compared to the corresponding period in 2025.

Analysis of production figures from the Nigerian Upstream Petroleum Regulatory Commission reveals an average daily output of 1.63 million barrels per day between January and June 2026. The valuation is based on monthly Bonny Light crude oil prices and the Central Bank of Nigeria's official exchange rates. These figures underscore the immense economic value derived from Nigeria's oil resources, even as the nation continues to contend with persistent challenges such as production issues, oil theft, and fluctuating global crude prices.

Nigeria's production in the first half of 2026 saw a 1.93 percent increase compared to the estimated 289.59 million barrels produced in the second half of 2025. However, the output remained 1.23 percent lower than the 298.85 million barrels recorded in the first six months of 2025. This suggests that while recent production levels have improved, they have not yet fully surpassed those of the previous year.

The data details a month-by-month breakdown, showing a strong start in January with 50.45 million barrels. February experienced a notable decline of 8.82 percent in daily output, resulting in 41.55 million barrels for the month. March marked a recovery, with production climbing to 48.49 million barrels. The second quarter saw continued momentum, with April producing 49.90 million barrels, May reaching the highest volume of the half-year at 52.72 million barrels, and June concluding the quarter with 52.06 million barrels. These monthly fluctuations, combined with volatile global oil prices, significantly impacted revenue generation throughout the period.