Nigeria earns N24tn from crude exports in six months

Nigeria generated an estimated N24.02tn from crude oil exports during the first half of 2026, according to data analyzed by The PUNCH. The value was calculated based on an average price of $17.60 per barrel, equivalent to N1,365 to the US dollar. Nigeria produced around 263.65 million barrels of crude during the six-month period, with a market value of approximately $25.41tn.

However, only about 69% of the crude produced was exported, leaving roughly 81.45 million barrels for domestic use and storage. The export earnings were driven mainly by higher international crude prices, which surged between March and May due to geopolitical tensions and shipping disruptions in the Strait of Hormuz. Despite this, Nigeria's crude exports remained above pre-year levels, contributing to the overall value of the country's crude exports.