FIVE-MONTH CRUDE EXPORTS FETCH NIGERIA N20TN

Nigeria earned approximately N20 trillion from crude oil exports between January and May 2026, according to data from the Nigerian National Petroleum Company Limited (NNPCL) and the National Bureau of Statistics (NBS).

The revenue reflects improved production levels and relatively favourable global oil prices during the period, despite challenges such as pipeline vandalism and theft. Daily average crude output rose steadily, contributing significantly to foreign exchange earnings and government revenue.

NNPCL sources indicated that the strong performance was driven by higher loadings at major terminals and increased participation by international oil companies. However, analysts caution that over-reliance on crude exports remains a vulnerability, urging accelerated diversification into gas, solid minerals, and value-added petroleum products.

The N20 trillion figure underscores the critical role of the oil sector in Nigeria’s economy, even as non-oil exports continue to show modest growth. Economists project that sustained production above 1.5 million barrels per day, coupled with prudent fiscal management, could further boost earnings in the second half of the year.

The development comes as the Federal Government intensifies efforts to meet OPEC+ quotas and enhance transparency in the oil and gas sector. Stakeholders have called for greater investment in infrastructure to maximise revenue from the nation’s hydrocarbon resources.