Nigeria produced an estimated 295.18 million barrels of crude oil and condensate worth $28.08 billion (₦41.74 trillion) in the first half of 2026, as improving production levels strengthened the country's hydrocarbon output despite lower volumes than recorded a year earlier.
An analysis of production data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows the country averaged 1.63 million barrels per day between January and June 2026. The production volume was 1.93 per cent higher than the estimated 289.59 million barrels produced in the second half of 2025 but 1.23 per cent below the 298.85 million barrels recorded in the corresponding period of 2025.
The production figures were valued using monthly Bonny Light crude oil prices and the Central Bank of Nigeria's average official exchange rates for each month, resulting in an estimated gross production value of ₦41.74 trillion. The valuation represents the market value of crude oil and condensate produced during the period and does not reflect the Federal Government's actual earnings after royalties, taxes, production costs, joint venture obligations and profit-sharing arrangements.
Monthly production showed a gradual recovery after a weaker start to the year. Nigeria produced 50.45 million barrels in January, 41.55 million barrels in February, 48.49 million barrels in March, 49.90 million barrels in April, 52.72 million barrels in May and 52.06 million barrels in June.
Daily production averaged 1.63 million barrels in January before falling to 1.48 million barrels per day in February. Output recovered steadily over the following months, rising to 1.56 million barrels per day in March, 1.66 million barrels per day in April, 1.70 million barrels per day in May and 1.74 million barrels per day in June, the highest average daily production recorded during the six-month period.
The improvement in production coincided with significant fluctuations in international crude oil prices, which influenced the value of Nigeria's output.
Using monthly Bonny Light prices, the estimated value of production stood at $3.43 billion in January before declining to $3.01 billion in February. Revenue then rose sharply to $5.14 billion in March and reached a six-month high of $6.32 billion in April as geopolitical tensions pushed crude prices higher.
The value of production moderated thereafter, falling to $5.94 billion in May before declining further to $4.24 billion in June as international oil prices eased.
In naira terms, production was valued at ₦5.18 trillion in January, ₦4.52 trillion in February, ₦7.71 trillion in March and a six-month high of ₦9.40 trillion in April. The value later declined to ₦8.74 trillion in May and ₦6.19 trillion in June, bringing the cumulative first-half value to ₦41.74 trillion.
The production recovery comes as the Federal Government continues efforts to improve upstream operations through enhanced pipeline security, reduced crude oil theft and increased investment under the Petroleum Industry Act.
Earlier this week, the NUPRC disclosed that Nigeria's crude oil production reached its highest level in more than six years, exceeding the Organisation of the Petroleum Exporting Countries (OPEC) production quota for the fourth consecutive month following improved operational stability and fewer disruptions to oil infrastructure.
According to the commission, June marked the fourth consecutive month of production growth, driven by stable operations across major producing assets, improved crude evacuation efficiency and the absence of major pipeline outages.
The regulator said scheduled turnaround maintenance was completed without significant disruption to production activities, while only a limited number of facilities experienced short-duration shutdowns with minimal impact on national output.
Despite the recent improvement, average production during most of the review period remained below Nigeria's official OPEC production target, underscoring the need for sustained investment, stronger infrastructure protection and higher operational efficiency to support future output growth.
The estimated gross value of ₦41.74 trillion represents a substantial portion of the Federal Government's projected ₦60.97 trillion oil revenue for the 2026 fiscal year. Maintaining production above 1.7 million barrels per day during the second half of the year is expected to play a significant role in boosting foreign exchange earnings, strengthening government revenue and supporting Nigeria's fiscal position.