Nigeria’s gas exports earnings rise 4.2% to $6.22 billion in H1 2026

Nigeria's gas export earnings increased by 4.2% year-on-year to reach $6.22 billion in the first half of 2026, according to Nairametrics' analysis of the Central Bank of Nigeria's Balance of Payments Highlights. This growth was primarily driven by stronger earnings in the second quarter, when gas exports amounted to $3.63 billion, marking a 9.7% increase from $3.31 billion in Q2 2025.

The surge in the second quarter more than compensated for a slight decline in the first quarter, where gas export earnings were at $2.59 billion, compared to $2.66 billion in the same period a year prior. Quarter-over-quarter, gas export earnings surged by approximately 40.2%, from $2.59 billion in Q1 2026 to $3.63 billion in Q2, contributing an additional $1.04 billion to Nigeria's export receipts during the period.

This performance demonstrates that the stronger second-quarter result was the key factor behind the year-on-year increase in gas export earnings. Additionally, Nigeria's overall current account surplus expanded by 67.9% to $7.54 billion in H1 2026, up from $4.49 billion in Q1 2026, thanks to higher export receipts and elevated diaspora remittances.

The rise in export earnings coincides with an uptick in physical gas export volumes. Earlier reports by Nairametrics indicated that Nigeria's gas export earnings grew by 21% in 2025 to $10.51 billion, up from $8.66 billion in 2024, underscoring the rising significance of gas in the country's external earnings. The Nigerian government and regulatory bodies are aiming to bolster the sector's contribution through enhanced investment in gas development.

The NUPRC's Gas Development Roadmap outlines a strategy to tap into more than 55 trillion cubic feet of uncommitted gas reserves, designed to attract capital and expedite the discovery of new gas resources. Nigeria is endowed with more than 200 trillion cubic feet of proven natural gas reserves, providing the nation with ample resources that could facilitate higher production, exports, and domestic gas utilization.