Oil exports lift Nigeria’s external earnings in Q2

Nigeria's external earnings saw a significant boost in the second quarter of 2026 due to increased crude oil, natural gas, refined petroleum products, and non-oil exports. The country's goods account saw a rise, and the current account surplus widened as export earnings reached $20.08 billion, up from $15.56 billion in the previous quarter.

Crude oil exports surged by 15.78 percent to $9.39 billion, while gas exports grew by 40.15 percent to $3.63 billion. These export earnings were reflected in Nigeria's current account position, with the current account surplus rising by 67.93 percent to $7.54 billion in Q2 2026 from $4.49 billion in Q1 2026 and $5.17 billion in the same period of 2025.

This improvement in external earnings came alongside stronger performance across several export categories, such as refined petroleum product exports increasing by 66.24 percent to $3.94 billion and non-oil exports rising by 25.30 percent to $3.12 billion. Meanwhile, crude oil imports declined from $1.39 billion in Q1 2026 to $0.58 billion in Q2 2026.

The developments have renewed attention to the factors supporting Nigeria's oil production and the security of petroleum infrastructure, particularly in the Niger Delta.