Ebola outbreaks in Central and East Africa raise concerns, no sustained transmission in Nigeria

Nigeria generates N41.7 trillion from six-month crude oil production

Nigeria produced an estimated 295.18 million barrels of crude oil and condensate, valued at approximately $28.08 billion N41.74 trillion, in the first six months of 2026. This represents a modest recovery from the second half of 2025, with an average daily production of 1.63 million barrels. However, this output is a 1.23% decline compared to the first six months of 2025. Monthly production figures varied, with May recording the highest volume at 52.72 million barrels. Revenue generation was volatile, with a peak of $6.32 billion in April and a low of $3.01 billion in February. The Nigerian Upstream Petroleum Regulatory Commission attributed the sustained rise in crude oil production to improved operational stability and the absence of major pipeline disruptions, marking the fourth consecutive month of production growth. The N41.74 trillion gross value represents a significant portion of the Federal Government's projected N60.97 trillion oil revenue for the full 2026 fiscal year, highlighting the importance of sustaining production above 1.7 million barrels per day to meet budget assumptions and improve foreign exchange inflows.