Higher global oil prices boost export value to $17.6 billion as debate over domestic crude allocation to local refineries intensifies…..
Nigeria generated an estimated N24.02 trillion from crude oil exports in the first half of 2026 as stronger international oil prices significantly increased the value of the country’s overseas shipments, despite persistent concerns over crude supply to domestic refineries.
An analysis of crude oil production and export figures between January and June 2026 shows that Nigeria exported approximately 182.2 million barrels of crude during the six-month period. Based on prevailing international prices, the exports were valued at about $17.60 billion, equivalent to N24.02 trillion using an exchange rate of N1,365 to the US dollar.
Data from the Central Bank of Nigeria (CBN) also indicated that total crude production during the period reached 263.65 million barrels, with an estimated market value of $25.41 billion, or roughly N34.69 trillion.
The estimates were calculated using average daily production and export volumes for each month, combined with average monthly prices for Bonny Light crude. June’s figures were based on daily production of 1.56 million barrels, exports of 1.11 million barrels per day, and an average crude price of $88.24 per barrel.
Production fluctuated throughout the first half of the year. Nigeria pumped 45.26 million barrels in January before output dropped to 36.68 million barrels in February. Production later recovered, rising to 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 trend. Shipments stood at 31.31 million barrels in January, declined to 24.08 million barrels in February, then climbed to 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 value of monthly crude production was estimated at $3.08 billion in January, $2.65 billion in February, $4.54 billion in March, $5.67 billion in April, $5.34 billion in May, and $4.13 billion in June, bringing the cumulative production value to $25.41 billion.
Similarly, export earnings were estimated at $2.13 billion in January, $1.74 billion in February, $3.06 billion in March, $3.95 billion in April, $3.77 billion in May, and $2.94 billion in June.
The exports were handled by both international oil companies and indigenous producers, including the Nigerian National Petroleum Company Limited (NNPC Ltd.), reinforcing crude oil’s position as Nigeria’s largest source of foreign exchange earnings.
The figures also revealed an improvement in average daily production after February’s decline. Daily output increased from 1.46 million barrels in January to 1.56 million barrels in June, after falling to 1.31 million barrels per day in February.
Average daily exports also improved, rising from 1.01 million barrels per day in January to 1.11 million barrels per day in June, although exports briefly fell to 860,000 barrels per day in February.
Overall, Nigeria exported nearly 69 per cent of its crude oil production during the first six months of the year, leaving about 81.45 million barrels for domestic refining, storage, operational requirements and inventory management.
The increase in export earnings was driven more by elevated global crude prices than by higher export volumes. Oil prices climbed sharply between March and May amid geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz. Although prices softened in June, they remained above levels recorded at the start of the year, sustaining the value of Nigeria’s exports.
However, the estimated export value represents the gross market value of crude shipped abroad and not the actual revenue earned by the Federal Government, which is influenced by production-sharing agreements, royalties, taxes, operating expenses, domestic supply commitments and other commercial obligations.
The latest figures come against the backdrop of continued concerns over crude availability for local refineries.
Industry stakeholders have repeatedly argued that oil producers are prioritising exports because of stronger international returns, despite the Domestic Crude Supply Obligation (DCSO) provided under the Petroleum Industry Act.
The Dangote Petroleum Refinery has in recent months accused the Federal Government and its agencies of failing to ensure adequate domestic crude supply, arguing that weak implementation of the DCSO has disrupted refining operations. The refinery temporarily halted petrol sales in naira before later resuming local currency transactions. The Federal Government has denied the allegations.
