File: Crude oil
According to data with source from the Central Bank of Nigeria, the country produced about 263.65 million barrels of crude during the six-month period.
Nigeria exported an estimated 182.2 million barrels of crude oil worth N24.02tn in the first half of 2026, as elevated international oil prices lifted the value of the country’s crude shipments despite concerns over inadequate feedstock for domestic refineries.
The analysis of crude oil production and export data from January to June 2026 showed that the exported crude was valued at about $17.60bn, equivalent to N24.02tn at an exchange rate of N1,365 to the United States dollar.
Data obtained from the Central Bank of Nigeria indicated that the country produced about 263.65 million barrels of crude during the six-month period, with an estimated market value of $25.41bn, or N34.69tn.
The estimates were derived from average daily crude oil production and export volumes for each month, multiplied by the number of days in the respective months and valued using the corresponding average monthly Bonny Light crude oil prices. June production and export volumes were estimated using average daily production of 1.56 million barrels and exports of 1.11 million barrels per day at an average crude price of $88.24 per barrel.
A month-by-month breakdown showed that Nigeria produced 45.26 million barrels in January before output fell to 36.68 million barrels in February. Production rebounded to 42.78 million barrels in March, increased to 44.70 million barrels in April and 47.43 million barrels in May, while June production was estimated at 46.80 million barrels.
Crude exports followed a similar pattern. The country exported 31.31 million barrels in January, 24.08 million barrels in February, 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 crude produced during the period was estimated at $3.08bn in January, $2.65bn in February, $4.54bn in March, $5.67bn in April, $5.34bn in May, and $4.13bn in June, bringing the cumulative production value to about $25.41bn.
Export earnings were estimated at $2.13bn in January, $1.74bn in February, $3.06bn in March, $3.95bn in April, $3.77bn in May, and $2.94bn in June, resulting in total export earnings of about $17.60bn.
The crude was exported by both international and indigenous oil producers, including the Nigerian National Petroleum Company Limited, underscoring the country’s continued reliance on crude exports as its biggest source of foreign exchange.
The figures also showed that average daily crude production improved after a dip in February. Output rose from 1.46 million barrels per day in January to 1.56 million barrels per day in June after declining to 1.31 million barrels per day in February.
Average daily crude exports also increased over the period, rising from 1.01 million barrels per day in January to 1.11 million barrels per day in June, although exports slipped to 860,000 barrels per day in February.
Overall, Nigeria exported about 69 per cent of the crude it produced during the first six months of the year, leaving approximately 81.45 million barrels available for domestic refining, storage, operational use, and inventory adjustments.
The increase in export earnings was driven largely by stronger international crude prices rather than higher export volumes. Oil prices surged between March and May following geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz.
Although prices eased in June, they remained above the levels recorded at the beginning of the year, supporting the overall value of Nigeria’s crude exports.
The estimated values represent the gross market value of the crude oil produced and exported and do not reflect the actual revenue accruing to the government, which is affected by production-sharing contracts, royalties, taxes, operating costs, domestic crude supply obligations, and other commercial arrangements.
The export performance comes as concerns persist over crude availability for domestic refineries.
Stakeholders have repeatedly argued that crude producers continue to favour exports because of stronger returns, despite the Domestic Crude Supply Obligation provided for in the Petroleum Industry Act.
Dangote Petroleum Refinery has in recent months accused the Federal Government and its agencies of frustrating local refining by failing to ensure adequate crude supply, alleging that poor implementation of the Domestic Crude Supply Obligation has affected its operations.
The refinery also temporarily suspended the sale of petrol in naira, directing marketers to pay in dollars before later reverting to naira transactions.
In court documents filed before the Federal High Court in Lagos, the refinery said its operations depend on crude supply arrangements with the NNPC and argued that inadequate domestic crude allocation was hurting its refining business. The Federal Government has denied the allegations.
The Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, said most modular refineries obtain crude directly from private oil producers rather than through government allocations.
He demanded the Federal Government to fully enforce the DCSO to guarantee sufficient feedstock for local refineries while sustaining Nigeria’s crude production and export targets.
