Nigeria’s crude oil exports rose to N11.20 trillion in the first quarter of 2026, reinforcing the commodity’s position as the country’s largest foreign exchange earner and a key driver of the strong performance in external trade.
This is according to latest data from the National Bureau of Statistics.
The improved export earnings helped lift Nigeria’s merchandise trade surplus to N7.55 trillion in Q1 2026, as stronger export receipts combined with lower imports to strengthen the country’s external position.
According to the NBS, crude oil exports recorded mixed monthly performances during the quarter but finished strongly in March.
Monthly crude oil exports:
January 2026: N3.40 trillion
February 2026: N2.97 trillion
March 2026: N4.84 trillion
The March performance accounted for the largest share of quarterly exports, reflecting stronger oil shipments and favourable market conditions during the month.
A comparison with previous quarters shows:
Q1 2026: N11.20 trillion.
Q4 2025: N9.70 trillion.
Q3 2025: N12.81 trillion.
Q2 2025: N11.97 trillion.
Q1 2025: N12.96 trillion.
The Q1 2026 figure represents a 15.46% increase from Q4 2025, and a decline of about 13.5% compared to Q1 2025.
The NBS also reported that crude oil exports accounted for 52.92% of Nigeria’s total exports during the quarter.
On the import side, Nigeria imported crude oil valued at N1.91 trillion during Q1 2026.
The increase in crude oil exports provides a significant boost to Nigeria’s foreign exchange earnings, government revenues, and external trade position, contributing to the country’s N7.55 trillion merchandise trade surplus in the first quarter of 2026.
The ongoing Iran conflict which started in February could further support Nigeria’s oil earnings if global supply disruptions persist and crude prices remain elevated. As one of Africa’s largest oil producers, Nigeria stands to benefit from higher benchmark prices, potentially improving fiscal revenues and external reserves.
However, geopolitical shocks also come with risks. Prolonged disruptions in the Strait of Hormuz could heighten energy market volatility, raise shipping and freight costs, and add inflationary pressure across the global economy.
For Nigeria, sustaining gains from higher crude oil prices will depend on improving domestic production, tackling oil theft and pipeline vandalism, attracting investment into the upstream sector, and leveraging expanded refining capacity to optimise the country’s petroleum value chain.
While the Iran war has created short-term opportunities for oil-exporting countries, analysts note that long-term economic resilience will require Nigeria to continue strengthening production efficiency, diversifying export earnings, and reducing exposure to external oil price shocks.
Nigeria generated $31.54 billion from crude oil exports in 2025, according to data from the Central Bank of Nigeria (CBN).
The figure represents a 14.41% decline from $36.85 billion recorded in 2024.
The drop in crude oil earnings occurred alongside a current account surplus of $14.04 billion in 2025, lower than $19.03 billion in 2024.
