Nigeria exported an estimated 148.9 million barrels of crude oil worth about ₦20.22 trillion ($14.66 billion) between January and May 2026, despite shipping fewer barrels than during the same period last year, according to an analysis of official production and export data.
The figures show that export volumes fell by 3.3 per cent from 154 million barrels in the first five months of 2025. However, export earnings rose by 29.5 per cent, driven by significantly higher international crude oil prices.
Data from the Central Bank of Nigeria indicated that the country’s total crude oil production reached 216.85 million barrels during the five-month period, with an estimated market value of $21.28 billion, or about ₦29.36 trillion at an exchange rate of ₦1,380 to the US dollar.
Nigeria produced about 45.26 million barrels in January, 36.68 million in February, 42.78 million in March, 44.70 million in April and 47.43 million in May.
Crude exports totalled 31.31 million barrels in January, 24.08 million in February, 28.83 million in March, 31.20 million in April and 33.48 million in May.
Average daily crude production improved from 1.46 million barrels per day in January to 1.53 million barrels per day in May after falling to 1.31 million barrels per day in February. Daily exports also increased from 1.01 million barrels in January to 1.08 million barrels in May.
Overall, about 68.7 per cent of Nigeria’s crude production was exported during the period, leaving an estimated 67.95 million barrels for domestic refining, storage and operational use.
The report noted that crude prices surged sharply from March to May following disruptions linked to the US-Iran conflict and the closure of the Strait of Hormuz. Average Bonny Light prices rose from $68.05 per barrel in January and $72.33 in February to $106.09 in March, $126.71 in April and $112.63 in May.
Despite the higher export earnings, concerns remain over crude availability for domestic refiners.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, domestic crude supply to Nigerian refineries fell to 15.84 million barrels in May, although total refinery intake reached 17.92 million barrels.
The development comes amid an ongoing dispute between the Dangote Petroleum Refinery and the Federal Government over domestic crude supply obligations under the Petroleum Industry Act.
The refinery has alleged that inadequate crude allocation is undermining its operations, while the Federal Government has rejected claims of deliberate sabotage.
Speaking to Punch, the Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, said modular refineries largely rely on private supply agreements rather than government crude allocation.
He urged the Federal Government to fully implement the Domestic Crude Supply Obligation to ensure local refineries receive sufficient feedstock.
