Oil exports lift Nigeria’s external earnings in Q2
Nigeria’s external earnings rose to $20.08bn in Q2 2026, as higher crude oil and gas exports widened the country’s current account surplus to $7.54bn. Read More: https://punchng.com/oil-exports-lift-nigerias-external-earnings-in-q2/
Nigeria's external earnings improved 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 grew, and the current account surplus expanded, as reported by the Central Bank of Nigeria. Crude oil exports surged by 15.78% to $9.39bn, while gas exports increased by 40.15% to $3.63bn.
These export earnings rose to $20.08bn in Q2 2026, compared to $15.56bn in Q1 2026. The current account surplus widened by 67.93% to $7.54bn, surpassing the previous quarter's $4.49bn and 2025's $5.17bn. Refined petroleum product exports rose by 66.24% to $3.94bn, and non-oil exports expanded by 25.30% to $3.12bn. Meanwhile, crude oil imports dropped from $1.39bn in Q1 2026 to $0.58bn in Q2 2026.
The developments have reignited discussions about the factors bolstering Nigeria's oil production and the security of petroleum infrastructure, particularly in the Niger Delta.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
