Nigeria earned an estimated ₦20.22tn ($14.66bn) from crude oil exports between January and May 2026 despite exporting fewer barrels than it did during the same period last year.
Analysis of Central Bank of Nigeria data showed that the country exported about 148.9 million barrels of crude oil during the five-month period, a 3.3 per cent decline from the 154 million barrels exported in the corresponding period of 2025.
The increase in export earnings was driven by higher international crude oil prices, which surged following the US-Iran conflict and the temporary closure of the Strait of Hormuz, pushing export revenue up by about 29.5 per cent year-on-year.
The CBN data also showed that Nigeria produced about 216.85 million barrels of crude oil within the review period, with an estimated gross market value of $21.28bn, while about 68.7 per cent of total production was exported.
Despite the strong export performance, domestic crude supply to local refineries declined in May, raising fresh concerns over feedstock availability for refiners, including the Dangote Petroleum Refinery.
The Dangote refinery has accused the Federal Government of failing to ensure adequate domestic crude supply in line with the Petroleum Industry Act, an allegation the government has denied.
The Crude Oil Refinery Owners Association of Nigeria also called on the Federal Government to fully implement the Domestic Crude Supply Obligation to guarantee sufficient crude supply for local refineries.
