Nigeria generated an estimated N24.02 trillion from crude oil exports in the first six months of 2026, driven by strong global oil prices despite ongoing concerns over the supply of crude to domestic refineries.
An analysis of official production and export figures shows that the country exported about 182.2 million barrels of crude between January and June, with the shipments valued at roughly $17.6 billion, equivalent to N24.02 trillion at an exchange rate of N1,365 to the dollar.
During the same period, Nigeria produced approximately 263.65 million barrels of crude oil with a combined market value estimated at $25.41 billion or about N34.69 trillion.
Production dipped in February before recovering steadily over the following months. Output climbed from an average of 1.46 million barrels per day in January to 1.56 million barrels per day in June, while average daily exports increased from 1.01 million barrels to 1.11 million barrels over the same period after falling sharply in February.
Overall, nearly 69 per cent of Nigeria’s crude production was exported during the six-month period, leaving around 81.45 million barrels for domestic refining, storage and other operational requirements.
The increase in export earnings was largely supported by higher international crude prices, particularly between March and May when geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz pushed oil prices higher. Although prices moderated in June, they remained above levels recorded at the start of the year.
Despite the strong export performance, concerns remain over crude availability for local refineries. Industry stakeholders have continued to argue that producers prioritise exports because they offer better commercial returns, despite the Domestic Crude Supply Obligation established under the Petroleum Industry Act.
The Dangote Petroleum Refinery has repeatedly maintained that inadequate domestic crude allocation has affected its operations. The refinery has also challenged aspects of the government’s implementation of crude supply arrangements, while the Federal Government has rejected claims that it is frustrating local refining.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has also called for stricter enforcement of the Domestic Crude Supply Obligation to ensure sufficient feedstock for local refineries while sustaining Nigeria’s crude production and export targets.
Analysts note that the estimated figures represent the gross market value of crude produced and exported, rather than the actual revenue received by the government, as earnings are influenced by production-sharing agreements, taxes, royalties, operating costs and other contractual obligations.
