Nigeria’s Crude Oil Revenue Drops by N1.75tn in Q1 2026 Despite Price Rally

Data from the National Bureau of Statistics shows that Nigeria’s crude oil export earnings slipped by N1.75tn year-on-year in the first quarter of 2026, falling from N12.96tn in Q1 2025 to N11.20tn. Despite global oil prices climbing above $100 per barrel during the quarter, weaker output and lower production capped any significant revenue gains. Crude’s share of total exports dipped to 52.9%, down nearly 10 percentage points from a year earlier. Strong growth in non-crude exports, led by other petroleum products and non-oil goods, lifted total export earnings by 2.8% to N21.17tn. A lower import bill and marginal oil export rebound drove Nigeria’s trade surplus up to N7.55tn in Q1 2026.

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