Nigeria earned N11.2 trillion from crude oil exports in the first quarter of 2026, underscoring the commodity’s continued dominance in the country's export market despite fluctuations in monthly performance during the period.
Data released by the National Bureau of Statistics (NBS) showed that crude oil remained Nigeria's largest export item, contributing 52.92 per cent of total export earnings between January and March 2026.
The export performance helped support the country's external trade position, with Nigeria recording a merchandise trade surplus of N7.55 trillion during the quarter as export earnings outpaced import spending.
A breakdown of the figures showed that crude oil export earnings stood at N3.40 trillion in January before declining to N2.97 trillion in February. Export receipts rebounded sharply in March, rising to N4.84 trillion, the highest monthly value recorded during the quarter.
The March recovery accounted for a significant portion of total quarterly crude export earnings and reflected stronger cargo shipments during the month.
Compared with previous quarters, crude oil export revenue improved from N9.70 trillion recorded in the fourth quarter of 2025, representing an increase of 15.46 per cent. However, earnings remained below the N12.96 trillion generated in the corresponding period of 2025.
The latest figures also showed that Nigeria imported crude oil valued at N1.91 trillion during the first three months of 2026.
Overall, the country recorded total exports of N21.17 trillion and imports of N13.62 trillion, resulting in a trade surplus of N7.55 trillion for the quarter.
The performance highlights the strategic role of crude oil in supporting Nigeria's foreign exchange earnings and government revenues, even as policymakers continue efforts to diversify export receipts and reduce dependence on hydrocarbon exports.
Analysts note that developments in the global oil market could continue to influence Nigeria's export earnings in the months ahead. Ongoing geopolitical tensions in the Middle East have heightened concerns about potential supply disruptions, which could provide support for international crude prices.
However, market volatility and higher shipping costs associated with geopolitical risks may also create uncertainties for oil-exporting nations.
Industry stakeholders have repeatedly emphasized the need for Nigeria to increase crude oil production, curb theft and pipeline vandalism, attract additional upstream investment, and strengthen the petroleum value chain to maximize benefits from favourable oil market conditions.
According to data from the Central Bank of Nigeria, the country generated $31.54 billion from crude oil exports in 2025. The figure was lower than the $36.85 billion recorded in 2024, even though Nigeria maintained a current account surplus during the year.
While crude oil continues to provide the bulk of Nigeria's export earnings, experts say sustained economic resilience will depend on improving production efficiency, expanding non-oil exports and reducing vulnerability to external commodity price movements.