Nigeria Earns ₦20tn from Crude Exports in Five Months
Nigeria exported about 148.9 million barrels of crude oil worth ₦20.22 trillion in the first five months of 2026, according to figures from the Central Bank of Nigeria (CBN).
The exports, valued at $14.66 billion at an exchange rate of ₦1,380/$, were lower in volume than the 154 million barrels shipped in 2025, but higher in value due to stronger international oil prices.
While export volumes fell by 3.3% year-on-year, earnings rose nearly 30%, highlighting the impact of the US-Iran conflict and the temporary closure of the Strait of Hormuz, which pushed crude prices above $120 per barrel in April.
Nigeria produced 216.85 million barrels between January and May, with a gross market value of $21.28 billion (₦29.36 trillion).
About 68.7% of output was exported, leaving roughly 67.95 million barrels for domestic refining and storage.
Monthly production ranged from 45.26m barrels in January to 47.43m barrels in May, while exports peaked at 33.48m barrels in May.
Export values climbed from $2.13bn in January to $3.95bn in April before moderating slightly in May.
Despite higher earnings, local refineries complained of inadequate crude supply.
The Dangote Refinery accused government agencies of “deliberate sabotage” and failing to meet domestic crude supply obligations under the Petroleum Industry Act (PIA).
Modular refineries also reported relying on private producers rather than government allocations.
“None of the modular refineries I know have gotten crude under the Federal Government arrangement,” said Eche Idoko, publicity secretary of the Crude Oil Refinery Owners Association of Nigeria.
Stakeholders urged the government to fully implement the Domestic Crude Supply Obligation (DSCO) to ensure refineries have enough feedstock, warning that continued prioritisation of exports could undermine Nigeria’s downstream sector.