Nigeria Earns N24tn from Crude Exports in Six Months

Nigeria's crude oil exports have generated an estimated N24tn in revenue for the country over the first six months of this year, according to a report by The PUNCH. This figure is based on data from January to June 2026, during which time Nigeria exported approximately 182.2 million barrels of crude worth about $17.60bn.

According to the analysis, production and export volumes followed a similar pattern over the six-month period. In January, the country produced an estimated 45.26 million barrels before output fell to 36.68 million barrels in February. Production rebounded to 42.78 million barrels in March, increased to 44.70 million barrels in April, and 47.43 million barrels in May, while June production was estimated at 46.80 million barrels.

The value of crude produced during the period was estimated at $3.08bn in January, $2.65bn in February, $4.54bn in March, $5.67bn in April, $5.34bn in May, and $4.13bn in June, bringing the cumulative production value to about $25.41bn.

The increase in export earnings was 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.