Data from the Central Bank of Nigeria has shown the country exported an estimated 182.2 million barrels of crude oil worth approximately N24.02 trillion that is ($17.60 billion) in the first half of 2026, driven by high international oil prices despite concerns over domestic crude supply for local refineries, producing about 263.65 million barrels during this period, valued at around $25.41 billion approximately(N34.69 trillion).
Also, Crude production fluctuated month-to-month, peaking at 45.26 million barrels in January and dropping to 36.68 million in February, but gradually rebounding to an estimated 46.80 million barrels in June. Exports followed a similar trend, with Nigeria shipping out 31.31 million barrels in January and 33.30 million in June.
The increase in export earnings was primarily due to rising global oil prices amid geopolitical tensions, despite a slight dip in June. Nigeria exported about 69% of its crude production, leaving roughly 81.45 million barrels for domestic use, but concerns persist over inadequate crude supply to local refineries, notably the Dangote Petroleum Refinery, which blames government inefficiencies for its supply disruptions.
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