Nigeria exported an estimated 148.9 million barrels of crude oil worth approximately N20.22tn ($14.66bn) in the first five months of 2026, as higher international oil prices offset a decline in export volumes.
An analysis of crude oil production and export data from January to May 2026 showed that the country’s crude exports generated about $14.66bn, equivalent to N20.22tn at an exchange rate of N1,380 to the dollar.
Although Nigeria exported fewer barrels than it did during the same period in 2025, rising global crude prices significantly boosted export earnings.
Data from the Central Bank of Nigeria showed that the country produced a total of 216.85 million barrels of crude oil during the five-month period, with an estimated gross market value of $21.28bn, or about N29.36tn.
The figures were calculated using average daily crude production and export volumes for each month, multiplied by the number of days in the respective months and valued using the average monthly Bonny Light crude oil prices.
A monthly breakdown showed that Nigeria produced 45.26 million barrels in January, 36.68 million barrels in February, 42.78 million barrels in March, 44.70 million barrels in April, and 47.43 million barrels in May.
Crude exports totalled 31.31 million barrels in January, 24.08 million barrels in February, 28.83 million barrels in March, 31.20 million barrels in April, and 33.48 million barrels in May.
Based on prevailing international prices, January exports were valued at $2.13bn, February at $1.74bn, March at $3.06bn, April at $3.95bn, and May at $3.77bn, bringing cumulative export earnings to $14.66bn.
On the production side, crude output was valued at $3.08bn in January, $2.65bn in February, $4.54bn in March, $5.67bn in April, and $5.34bn in May.
The data also showed an improvement in average daily crude production, rising from 1.46 million barrels per day in January to 1.53 million barrels per day in May after dipping to 1.31 million barrels per day in February.
Similarly, average daily crude exports increased from 1.01 million barrels per day in January to 1.08 million barrels per day in May despite falling to 0.86 million barrels per day in February.
Overall, Nigeria exported about 68.7 per cent of its crude production during the period, leaving approximately 67.95 million barrels for domestic refining, storage, operational use, and inventory adjustments.
The sharp rise in global crude prices between March and May was largely attributed to tensions arising from the US-Iran conflict, which disrupted global oil markets following the closure of the Strait of Hormuz.
Average crude prices rose from $68.05 per barrel in January and $72.33 in February to $106.09 in March, $126.71 in April, and $112.63 in May.
Despite lower export volumes, Nigeria’s crude export earnings increased by nearly 30 per cent compared to the corresponding period of 2025.
The country exported about 154 million barrels worth $11.32bn in the first five months of 2025. In contrast, exports dropped by 5.1 million barrels, or 3.3 per cent, in 2026, while export earnings climbed by approximately $3.34bn, representing a 29.5 per cent increase.
At the prevailing exchange rate, crude export earnings rose from N15.62tn in 2025 to N20.22tn during the same period in 2026.
The report indicated that stronger international crude prices, rather than higher export volumes, were responsible for the increase in export revenue.
Meanwhile, domestic crude supply to local refineries declined to 15.84 million barrels in May, even though total refinery intake reached 17.92 million barrels, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Domestic crude supply had increased steadily from 8.83 million barrels in January and 8.86 million barrels in February to 11.49 million barrels in March before peaking in April and easing slightly in May.
The development has renewed concerns among local refiners over compliance with the Domestic Crude Supply Obligation under the Petroleum Industry Act.
The Dangote Petroleum Refinery recently accused the Federal Government and its agencies of deliberately frustrating its operations by failing to ensure adequate domestic crude supply, an allegation the government has denied.
In an affidavit filed before the Federal High Court in Lagos, the refinery said its operations depend on crude oil supply arrangements with the Nigerian National Petroleum Company Limited and argued that inadequate supply was harming its investment.
Speaking on the issue, the Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, said modular refineries largely depend on private supply arrangements rather than government allocations.
According to him, refineries such as Edo Refinery, Aradel, and Opac currently source crude from private producers.
Idoko urged the Federal Government to fully implement the Domestic Crude Supply Obligation and ensure sufficient crude is made available to local refineries to support domestic refining capacity.
