Nigeria generated an estimated N24.02 trillion from crude oil exports in the first half of 2026 after exporting about 182.2 million barrels, driven largely by strong international oil prices despite concerns over crude supply to local refineries.
Analysis of crude oil production and export data showed the exports were worth about $17.6 billion, while total crude production during the six-month period reached 263.65 million barrels with an estimated market value of $25.41 billion.
Production fluctuated throughout the period, starting at 45.26 million barrels in January, dipping in February, before recovering steadily through March, April, May and June as average daily output rose from 1.46 million barrels to 1.56 million barrels.
Crude exports also increased after a February decline, rising from 1.01 million barrels per day in January to 1.11 million barrels per day in June, with exports accounting for about 69 per cent of the country’s total crude production.
Higher global crude prices, particularly between March and May due to geopolitical tensions in the Middle East and disruptions along the Strait of Hormuz, significantly boosted the value of Nigeria’s crude exports.
The reported figures represent the gross market value of crude produced and exported, not the actual revenue received by the government, which is reduced by production-sharing agreements, royalties, taxes, operating costs and domestic supply obligations.
The strong export performance has renewed concerns over inadequate crude supply for domestic refineries, with stakeholders arguing that producers continue to prioritise exports because they generate better returns than supplying local processors.
Industry groups have urged the Federal Government to fully enforce the Domestic Crude Supply Obligation under the Petroleum Industry Act to ensure local refineries receive sufficient feedstock while maintaining the country’s production and export targets.
