Nigeria Earns N24 Trillion from Crude Oil Exports in Six Months

Nigeria's crude oil exports have brought in an estimated N24tn in the first six months of this year, according to data from the Central Bank. This is despite concerns over inadequate feedstock for domestic refineries.

The country produced about 263.65 million barrels of crude during the period, with an estimated market value of $25.41bn, or N34.69tn. However, it exported only about 182.2 million barrels, valued at around $17.60bn, or N24.02tn.

The export earnings were driven largely by stronger international crude prices rather than higher export volumes. Oil prices surged between March and May following geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz.