Nigeria’s revenue from crude oil exports declined sharply in the first quarter of 2026, despite a rise in global oil prices driven by geopolitical tensions.

According to data from the National Bureau of Statistics (NBS), crude oil exports were valued at N11.2 trillion between January and March 2026. This is a drop of N1.75 trillion compared to N12.96 trillion recorded in the same period of 2025.

The report shows that although crude oil remained Nigeria’s top export earner, its share of total exports reduced significantly. It accounted for 52.92 per cent of exports in Q1 2026, down from about 63 per cent a year earlier.

The decline happened even as international crude prices surged. Brent crude rose above $100 per barrel in March 2026 and ended the quarter around $118 per barrel, supported by supply concerns linked to tensions in the Middle East.

Nigeria’s lower earnings were mainly linked to reduced production. Average daily output fell to 1.55 million barrels per day in Q1 2026, compared to 1.62 million barrels per day in the same period of 2025.

Despite the drop in crude revenue, Nigeria’s total exports increased slightly to N21.17 trillion, boosted by stronger performance in non-crude oil exports and other petroleum products.

Non-crude oil exports rose significantly during the period, helping to offset weaker crude earnings and supporting overall trade growth.

India emerged as Nigeria’s largest export destination, followed by France, the Netherlands, Spain, and the United States, which together accounted for a large share of total exports.

Europe remained Nigeria’s biggest regional market, followed by Asia and Africa.

Overall, Nigeria recorded a stronger trade surplus of N7.55 trillion in the quarter, driven largely by lower import levels despite weaker crude oil performance.