Nigeria’s crude oil exports climbed to N11.20 trillion in the first quarter of 2026, reinforcing the country’s dependence on oil as its biggest foreign exchange earner, even amid fluctuating global market conditions.
Fresh data from the National Bureau of Statistics (NBS) shows that despite month-to-month volatility, crude shipments ended the quarter on a strong note, helping to boost Nigeria’s overall external trade performance. The oil sector alone accounted for more than half of total export earnings during the period.
A breakdown of the quarter reveals a mixed but ultimately positive trend. January recorded N3.40 trillion, followed by a slight dip to N2.97 trillion in February, before surging sharply to N4.84 trillion in March—the strongest month of the quarter. This late rebound played a key role in lifting total crude export earnings.
When compared with previous quarters, Q1 2026 shows a 15.46% increase from Q4 2025 (N9.70 trillion), though it remains about 13.5% lower than Q1 2025’s N12.96 trillion, highlighting both recovery momentum and lingering pressure in the oil sector.
Overall, Nigeria recorded a trade surplus of N7.55 trillion, supported by total exports of N21.17 trillion against imports of N13.62 trillion. Crude oil imports also stood at N1.91 trillion during the period, reflecting the country’s continued reliance on refined petroleum products despite being a major crude producer.
Analysts say the performance underscores Nigeria’s vulnerability—and advantage—in global oil dynamics. Rising geopolitical tensions, including ongoing conflicts affecting global supply routes, could continue to support higher crude prices. However, experts warn that volatility in shipping routes, production stability, and global demand could quickly shift earnings patterns.
For Nigeria, sustaining this momentum will depend on addressing long-standing challenges such as oil theft, pipeline vandalism, and underinvestment in upstream production. Expanding refining capacity and diversifying export earnings are also seen as critical steps toward reducing exposure to global oil shocks.
According to earlier Central Bank of Nigeria (CBN) data, Nigeria earned $31.54 billion from crude oil exports in 2025, down from $36.85 billion in 2024, signaling that while quarterly gains are encouraging, long-term earnings pressure still persists.
source: nairametrics