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.
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.
