Nigeria produced an estimated 402.86 million barrels of crude oil between January and September 2026, with a gross value of about N52.11tn, calculations based on production data and monthly crude prices have shown.
The output was valued at approximately $39.15bn before conversion to naira at an exchange rate of N1,331 to the dollar.
The estimates were derived from monthly average production rates obtained from the Central Bank of Nigeria and corresponding Bonny Light crude prices. They cover crude oil alone, excluding condensate and natural gas.
A breakdown showed that production stood at 45.26 million barrels in January, 36.68 million in February and 42.78 million in March.
Output rose to 44.70 million barrels in April and peaked at 47.43 million in May. Nigeria subsequently produced 46.80 million barrels in June, 46.81 million in July, 46.50 million in August and 45.90 million in September.
The estimated gross value of monthly production ranged from $2.65bn in February to $5.66bn in April, when Bonny Light crude reached an average of $126.71 per barrel.
The rise in crude prices coincided with escalating tensions between the United States and Iran. Bonny Light averaged $68.05 per barrel in January before rising sharply from March and reaching its peak in April.
Prices subsequently eased to $88.24 per barrel in June following a ceasefire agreement between Tehran and Washington. The benchmark fell further to $84.81 in July before rising to $117.12 in September as the ceasefire collapsed.
The estimated N52.11tn represents the gross market value of crude produced by the Nigerian National Petroleum Company Limited, international oil companies, and indigenous producers.