Nigeria earned an estimated N24.02 trillion from crude oil exports during the first half of 2026 as rising international oil prices boosted the value of the country’s overseas shipments despite concerns over inadequate crude supplies for local refineries.
An analysis of production and export figures showed that the country exported about 182.2 million barrels of crude oil between January and June 2026, generating approximately $17.60 billion in export earnings.
Based on figures obtained from the Central Bank of Nigeria, the country produced a total of 263.65 million barrels of crude during the six-month period, with the total output valued at roughly $25.41 billion.
Production figures indicated that Nigeria produced 45.26 million barrels in January, 36.68 million barrels in February, 42.78 million barrels in March, 44.70 million barrels in April, 47.43 million barrels in May and an estimated 46.80 million barrels in June.
Crude exports followed a similar pattern, with shipments standing at 31.31 million barrels in January, 24.08 million barrels in February, 28.83 million barrels in March, 31.20 million barrels in April, 33.48 million barrels in May and 33.30 million barrels in June.
The analysis further showed that Nigeria exported nearly 69 per cent of its total crude production during the period, leaving an estimated 81.45 million barrels available for domestic refining and other operational needs.
Industry observers attributed the increase in export earnings mainly to higher global oil prices, which surged between March and May following heightened tensions in the Middle East and concerns over shipping activities through the Strait of Hormuz.
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The development comes amid continuing concerns over crude supply shortages facing domestic refiners.
The Dangote Petroleum Refinery has repeatedly accused government agencies of failing to guarantee sufficient crude supplies under the Domestic Crude Supply Obligation framework established by the Petroleum Industry Act.
The Federal Government, however, has rejected the allegations, insisting that measures are being implemented to ensure a balance between crude exports and domestic refining requirements.
Stakeholders within the downstream petroleum sector have also urged the authorities to strengthen the enforcement of existing policies to ensure local refineries receive adequate feedstock while preserving Nigeria’s position in the international oil market.
Despite ongoing concerns, crude oil remains Nigeria’s leading source of foreign exchange earnings and continues to play a vital role in supporting government revenues and economic activities.