Nigeria's H1 crude export revenue hits N24tn as prices lift value

Higher international oil prices drove the value of shipments up despite volume growth remaining modest compared to the first five months.

By Handelsavisen Newsroom · Automated 2026-08-03 00:03 UTC · 1 min read

Nigeria generated an estimated N24.02 trillion from crude oil exports in the first half of 2026, driven by elevated international prices.

The country shipped approximately 182.2 million barrels during the six-month period, according to data reported by The Punch.

9 million barrels. While the volume growth from May to June was incremental, the higher realization per barrel substantially boosted the total export value for the period.

The revenue figure represents a significant increase from the N20.22 trillion earned in the first five months of the year, when exports totaled 148.9 million barrels.

While the volume growth from May to June was incremental, the higher realization per barrel substantially boosted the total export value for the period.

This development underscores the continued dominance of crude exports in Nigeria's external earnings profile.

The revenue surge comes as the country works to stabilize production levels, with output having increased in both May and June according to OPEC data and Reuters surveys.