Between January and May 2026, Nigeria exported approximately 148.9 million barrels of crude oil, generating an estimated N20.22 trillion ($14.66 billion) in foreign exchange. Data sourced from the Central Bank of Nigeria reveals a compelling market anomaly: while total export volumes actually dropped by 5.1 million barrels (a 3.3% year-on-year decline compared to 2025), net financial returns shot up by nearly 30%. This significant revenue boost was driven heavily by soaring global oil prices following intense Middle Eastern tensions and the resulting logistical closures along the critical Strait of Hormuz, pushing monthly Bonny Light averages past $126 per barrel by April.
Total domestic oil production over the five-month span reached 216.85 million barrels, valued at N29.36 trillion ($21.28 billion). International and local extraction firms, including the NNPCL, sent roughly 68.7% of this total output to overseas buyers. While this outward-facing focus robustly cushions the nation’s foreign reserves, it has sparked structural friction by diverting critical feedstock allocations away from domestic mega-refineries, including the Dangote Petroleum Refinery. Despite these local bottlenecks, daily production benchmarks managed a steady upward recovery, climbing from a low of 1.31 million barrels per day in February to a peak of 1.53 million barrels per day by May.
