Nigeria recorded crude oil exports worth N11.20 trillion in the first quarter of 2026, reinforcing oil’s position as the country’s leading foreign exchange earner and a major driver of its external trade performance.
According to the latest data from the National Bureau of Statistics (NBS), the strong export receipts contributed significantly to Nigeria’s merchandise trade surplus, which reached N7.55 trillion during the period.
Quarterly Performance
Export earnings showed some monthly fluctuations but ended the quarter on a strong note:
– January: N3.40 trillion
– February: N2.97 trillion
– March: N4.84 trillion
March accounted for the largest share of quarterly exports, benefiting from improved shipments and supportive market conditions. Overall, Q1 2026 crude oil exports rose 15.46% from the N9.70 trillion recorded in Q4 2025, though they were 13.5% lower than the same period in 2025.
Crude oil represented 52.92% of Nigeria’s total exports in the first quarter, while the country imported crude oil valued at N1.91 trillion during the same period.
Broader Implications
The improved oil export figures provided a welcome boost to foreign exchange inflows and government revenue at a time when the economy continues to navigate various macroeconomic challenges. However, analysts stress that long-term stability will require sustained improvements in domestic production, reduced oil theft, better pipeline security, and greater investment in the upstream sector.
The ongoing geopolitical tensions in the Middle East, particularly the conflict involving Iran, have the potential to keep global oil prices elevated, offering Nigeria short-term revenue gains. At the same time, experts warn that prolonged disruptions could increase global energy volatility, shipping costs, and inflationary pressures.
For Nigeria, translating higher oil prices into lasting economic benefits will depend on expanding local refining capacity, diversifying export earnings, and building resilience against external shocks.
The latest NBS data highlights both the opportunities and vulnerabilities tied to Nigeria’s continued heavy reliance on crude oil exports as a key pillar of its external trade and fiscal position.
