Nigeria’s total export earnings jumped 23.7 percent year-on-year to $35.64 billion in the first half of 2026, up from $28.82 billion in the corresponding period of 2025, driven by a surge in petroleum product exports alongside sustained hydrocarbon revenues.
The figures were officially unveiled at 10:00 AM on Friday, October 30, 2026, during an economic performance briefing held in the main auditorium of the Central Bank of Nigeria (CBN) Headquarters in Abuja.
Speaking on behalf of the macroeconomic analysis division, Dr. Isaac Okorafor, Senior Economic Consultant to the CBN, highlighted that the growth reflects both strong global energy pricing and Nigeria’s structural transition from a net fuel importer to a regional exporter following the operational expansion of domestic refining capacity.
A closer look at the mid-year balance of payments shows that the combined revenue from crude oil, natural gas, and refined petroleum products reached $30.03 billion, representing a 21.9 percent increase from the $24.63 billion recorded in the first half of 2025.
Sustained international demand boosted crude oil receipts to approximately ₦24.02 trillion, or $17.60 billion, over the six-month period, while natural gas exports grew by 4.2 percent year-on-year to reach $6.22 billion. Refined petroleum products posted the steepest relative gains, with motor spirit exports alone generating ₦998.5 billion as African regional markets absorbed over 60 percent of the total supply volume.
This expanded trade balance has significantly strengthened the nation’s external position, lifting Nigeria’s current account surplus by 67.9 percent to $7.54 billion in the second quarter of 2026, up from $4.49 billion in the preceding quarter. Commenting at the event, Engr. Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), noted that the shift is actively reshaping West African trade dynamics.
”The notable shift in our export basket demonstrates the positive impact of local refining capacity,” Ahmed stated. “Nigeria is no longer merely exporting raw crude; we are retaining domestic value and supplying refined energy across Africa and beyond.” Despite the strong momentum, industry stakeholders present at the venue emphasized that maintaining domestic supply balance remains critical.
Representatives from domestic refining associations urged strict enforcement of the Domestic Crude Supply Obligation under the Petroleum Industry Act to ensure local processing facilities are fully supported alongside growing international export commitments.
