Global Oil Price Rally Could Add ₦6.8trn to Nigeria’s 2026 Revenue

Nigeria could collect an extra ₦6.8 trillion in 2026 as global crude prices climb towards an average of $78 per barrel, according to a recent BMI forecast. The surge in oil revenues is linked to heightened tensions between the United States and Iran and benefits from reforms like the removal of the fuel subsidy. While the government stands to earn more when prices rise, Nigerians have seen pump prices jump over 50%, driving up living costs. BMI also nudged Nigeria’s 2026 growth forecast to 4.4% from 4.3%. A stronger naira may ease imported inflation, but pressures could persist. The Nigerian Economic Summit Group adds that prolonged Middle East conflict might boost earnings further—potentially up to ₦30.2 trillion.

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