Nigeria’s crude oil export earnings dropped by N1.75tn in the first quarter of 2026, despite higher global crude prices, according to data released by the National Bureau of Statistics.

The NBS, in its Foreign Trade in Goods Statistics report for Q1 2026, disclosed that crude oil exports were valued at N11.20tn, down from N12.96tn recorded in the corresponding period of 2025.

“Crude oil exports in Q1 2026 were valued at N11.20tn; the value decreased by 13.53 per cent from N12.96tn in Q1 2025 and increased by 15.45 per cent from N9.70tn in Q4 2025,” the bureau stated,” the NBS stated.

The figures indicate a year-on-year decline of N1.75tn in crude oil export revenue.

However, compared to the preceding quarter, export earnings rose by N1.50tn, increasing from N9.70tn in Q4 2025. Despite the quarterly improvement, the recovery was insufficient to surpass the export earnings recorded in the first quarter of 2025.

Crude oil remained Nigeria’s largest export commodity in the first quarter of 2026, although its contribution to the country’s total export earnings declined significantly.

According to the data, crude oil accounted for 52.92 per cent of total exports in Q1 2026, compared to 62.89 per cent in the corresponding period of 2025. This indicates that while crude oil continued to generate more than half of Nigeria’s export revenue, its share of the export basket dropped by nearly 10 percentage points year-on-year.

Meanwhile, total exports increased to N21.17tn in Q1 2026 from N20.60tn recorded in Q1 2025, representing a 2.77 per cent rise. The figures suggest that the growth in overall export earnings was driven largely by stronger performance from non-crude oil exports and other petroleum products rather than crude oil.

Non-crude oil exports climbed to N9.97tn in the first quarter of 2026, up from N7.64tn recorded in the same period of 2025. Within this category, non-oil exports amounted to N3.19tn.

Exports of other oil products also posted strong growth, rising to N6.78tn from N4.48tn a year earlier, representing a 51.49 per cent increase. This growth helped offset the decline in crude oil export earnings and supported Nigeria’s overall export performance during the quarter.

The report said, “Crude oil remained Nigeria’s major exported commodity in the first quarter of 2026, with a value of N11.20tn, representing 52.92 per cent of total exports.”