Nigeria don export estimated 148.9 million barrels of crude oil wey cost about N20.22tn for di first five months of 2026, wey show how big di country oil trade be, even though people still dey worry about production levels.

Di crude barrels na both international and indigenous oil companies export am, including Nigerian National Petroleum Company Limited.

Even though exporting crude fit make local refineries like Dangote Petroleum Refinery and oda refineries no get enough feedstock, e dey help di country get more foreign exchange.

One analysis of crude oil production and export data from January to May 2026 show say di country crude export worth about $14.66bn, wey be N20.22tn at exchange rate of N1,380 to one dollar.

If you compare, Nigeria export 154 million barrels of crude worth about $11.32bn during di same period for 2025. Even though export volume for 2026 drop by 5.1 million barrels, wey be 3.3 per cent reduction, di export value shoot up by about $3.33bn, or 29.5 per cent, becos crude oil prices dey higher well well dis year.

Di figures wey dem get from Central Bank of Nigeria show say total volume of crude oil wey di country produce during di five-month period for 2026 be 216.85 million barrels, with gross market value of about $21.28bn, wey be about N29.36tn, using di same exchange rate.

Di calculations come from di average daily crude oil production and export volumes for each month, wey dem multiply by di number of days for di month, and value am using di average monthly Bonny Light crude oil prices.

If you break down di CBN figures, e show say Nigeria produce about 45.26 million barrels for January, 36.68 million barrels for February, 42.78 million barrels for March, 44.70 million barrels for April, and 47.43 million barrels for May.

Crude exports follow di same trend, with 31.31 million barrels exported for January, 24.08 million barrels for February, 28.83 million barrels for March, 31.20 million barrels for April, and 33.48 million barrels for May.