Nigeria earned an estimated N24.02 trillion from crude oil exports in the first six months of 2026, shipping about 182.2 million barrels to the international market as higher global oil prices boosted export values despite lingering concerns over crude supply to domestic refineries.
An analysis of crude production and export figures for January to June showed that the exported oil was valued at approximately $17.6 billion, based on an exchange rate of N1,365 to the dollar.
During the period, Nigeria produced about 263.65 million barrels of crude oil with an estimated market value of $25.41 billion, equivalent to N34.69 trillion, according to production data obtained from the Central Bank of Nigeria.
The figures indicate that nearly 69 per cent of the country’s crude output was exported, while about 81.45 million barrels remained for domestic refining, operational use, storage and inventory adjustments.
Production fluctuated during the six-month period, falling from 45.26 million barrels in January to 36.68 million barrels in February before recovering steadily to 47.43 million barrels in May. June production was estimated at 46.8 million barrels.
Crude exports followed a similar trend, rising from 24.08 million barrels in February to 33.48 million barrels in May before closing June at an estimated 33.3 million barrels.
The surge in export earnings was driven more by stronger international crude prices than by production growth. Oil prices climbed sharply between March and May amid geopolitical tensions in the Middle East and disruptions to shipping routes through the Strait of Hormuz, while prices in June remained above levels recorded at the start of the year.
Despite the strong export performance, concerns persist over the availability of crude for local refineries.
Industry stakeholders have repeatedly argued that oil producers continue to prioritise exports because of higher returns, despite the Domestic Crude Supply Obligation established under the Petroleum Industry Act to guarantee feedstock for local refiners.
The issue has been at the centre of a dispute involving the Dangote Petroleum Refinery, which has accused the Federal Government and its agencies of failing to ensure adequate domestic crude supply for refining operations.
The refinery has argued in court that inadequate crude allocation has affected its operations, although the Federal Government has rejected the claims.
Meanwhile, the Crude Oil Refinery Owners Association of Nigeria has urged the government to fully enforce the Domestic Crude Supply Obligation, saying stronger implementation would guarantee sufficient crude supply for local refineries while preserving Nigeria’s export earnings.
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