Nigeria’s export earnings rose by 23.7 per cent to $35.64 billion in the first half of 2026, compared with $28.82 billion recorded during the same period in 2025, largely driven by a sharp increase in petroleum products exports.
The improvement added approximately $6.82 billion to the country’s export receipts over the six-month period, highlighting the continued importance of the oil and gas sector to Nigeria’s foreign exchange earnings.
Data from the Central Bank of Nigeria’s second-quarter 2026 statistical bulletin showed that petroleum products recorded the strongest growth among the major export categories, while crude oil and natural gas also contributed to the overall increase.
Petroleum Products Lead Export Growth
Exports of petroleum products surged by 238.7 per cent year-on-year to $6.31 billion in the first half of 2026, up from $1.86 billion in the corresponding period of 2025.
The increase generated an additional $4.45 billion in export earnings, making petroleum products the biggest contributor to the overall growth in Nigeria’s exports.
Crude oil remained the country’s largest individual export category, generating $17.51 billion during the period. This represented a 7.7 per cent increase from the $16.25 billion recorded in the first half of 2025.
Gas exports also recorded growth, rising by 4.2 per cent to $6.22 billion from $5.97 billion a year earlier.
Combined exports of crude oil, natural gas and petroleum products climbed by 21.9 per cent to $30.03 billion, compared with $24.63 billion in the corresponding period of 2025.
These figures mean petroleum-related exports accounted for approximately 84.3 per cent of Nigeria’s total export earnings during the first six months of 2026.
## Non-Oil Exports Also Record Growth
Beyond the petroleum sector, Nigeria’s non-oil exports increased by 18.2 per cent to $5.60 billion in the first half of 2026, compared with $4.74 billion recorded during the same period last year.
Despite the improvement, non-oil exports accounted for only 15.7 per cent of the country’s total export earnings, down from approximately 16.5 per cent in the first half of 2025.
The figures underline the continued dominance of petroleum-related commodities in Nigeria’s export profile and the challenge of expanding other sectors to generate more foreign exchange.
What the Figures Mean for Nigeria’s Economy
The rise in export earnings could support Nigeria’s foreign exchange inflows and strengthen its external trade position. However, the figures also show that the country remains heavily dependent on crude oil, gas and refined petroleum products for international trade revenue.
The strong performance of petroleum products exports points to the growing role of domestic refining and the potential for Nigeria to earn more from processing resources rather than exporting only raw commodities.
Economists and policymakers have long emphasized the need to increase exports of agricultural produce, manufactured goods and solid minerals to reduce the economy’s vulnerability to fluctuations in global oil prices.
For Nigeria to sustain export growth over the long term, expanding production capacity, improving infrastructure, lowering logistics costs and supporting non-oil exporters will remain important priorities.
The latest figures therefore present a mixed picture: export earnings are rising significantly, but achieving a more diversified and resilient economy will require non-oil exports to play a much larger role.
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