Nigeria exported an estimated 148.9 million barrels of crude oil in the first five months of 2026, generating approximately N20.22 trillion in revenue.
The figures highlight the continued dominance of crude exports as the primary source of foreign exchange and fiscal income for the West African nation, even as domestic refining challenges persist.
The N20.22 trillion in export earnings provides a critical buffer for the government's fiscal position.
The export data comes amid a backdrop of constrained domestic supply.
In May 2026, domestic crude oil supply to Nigerian refineries fell to 15.84 million barrels, according to earlier reports.
This decline occurred despite facilities achieving a combined intake of 17.92 million barrels, indicating ongoing inefficiencies in the local refining sector that force reliance on imports for domestic fuel needs while bulk crude is shipped abroad.
The N20.22 trillion in export earnings provides a critical buffer for the government's fiscal position.