Nigeria's crude oil exports reach N20.22tn in first five months of 2026 despite volume decline

This figure, equivalent to about $14.66bn at an exchange rate of N1,380 to the dollar, represents a significant increase in value compared to the same period in 2025, despite a 3.3 percent decline in export volume. The rise in export earnings is attributed to higher international crude oil prices, particularly from March to May, influenced by factors such as the US-Iran conflict and the closure of the Strait of Hormuz. In comparison, Nigeria exported 154 million barrels worth about $11.32bn during the first five months of 2025.

The total volume of crude oil produced by the country during the review period in 2026 was 216.85 million barrels, with a gross market value of approximately $21.28bn. While crude exports boost foreign exchange earnings, concerns exist regarding the sufficiency of domestic feedstock for local refineries like Dangote Petroleum Refinery. The Dangote refinery has alleged that the government has not fulfilled its obligation to ensure adequate crude supply, an accusation the Federal Government has denied.

The Crude Oil Refinery Owners Association of Nigeria has appealed to the Federal Government to effectively implement the Domestic Crude Supply Obligation.