Nigeria generated approximately ₦20.22 trillion from the export of 148.9 million barrels of crude oil between January and May 2026, according to the latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The figures indicate a steady performance in the country’s oil export sector, with crude oil remaining Nigeria’s largest source of foreign exchange earnings and a major contributor to government revenue.
Data released by the Commission showed that the exported crude was shipped to various international markets, reflecting sustained global demand for Nigerian crude despite fluctuations in international oil prices.
Industry analysts say the strong earnings were driven by improved crude production, increased export volumes and relatively stable global oil prices during the review period. They also noted that ongoing efforts to curb crude oil theft and pipeline vandalism have contributed to higher export volumes.
Despite the impressive earnings, experts have stressed the need for greater investment in domestic refining and economic diversification to reduce Nigeria’s dependence on crude oil exports. They argued that increasing local refining capacity would help create jobs, improve energy security and retain more value within the country.
The latest export revenue highlights the strategic importance of the petroleum sector to Nigeria’s economy, even as the government continues to pursue reforms aimed at boosting production, attracting investment and enhancing transparency in the oil and gas industry.
Stakeholders have also called for prudent management of the revenue to support infrastructure development, strengthen public services and promote long-term economic growth.