Nigeria generated an estimated ₦24.02 trillion from crude oil exports in the first six months of 2026, underlining the nation’s heavy reliance on oil sales for foreign exchange earnings despite ongoing domestic supply discussions.
An analysis of production and export figures compiled from the Central Bank of Nigeria reveals that the country exported roughly 182.2 million barrels of crude oil between January and June. Valued at an average Bonny Light crude price and an exchange rate of ₦1,365 per dollar, total export shipments reached approximately $17.60 billion over the six months. Overall, total crude output for the half-year stood at 263.65 million barrels with a gross market value of $25.41 billion (₦34.69 trillion).
The data highlights that nearly 69 percent of total crude produced during the first half of the year was shipped overseas, leaving roughly 81.45 million barrels available for domestic refining operations, inventory storage, and local requirements. Production performance rebounded steadily through the second quarter, rising from 36.68 million barrels in February to a peak of 47.43 million barrels in May, before stabilizing at 46.80 million barrels in June as international crude prices maintained strong levels.
