Nigeria’s external earnings increased significantly in the second quarter of 2026, supported by higher exports of crude oil, natural gas, refined petroleum products and non-oil goods.
According to provisional balance-of-payments data from the Central Bank of Nigeria (CBN), Nigeria’s total export earnings rose to $20.08 billion in Q2 2026, up from $15.56 billion in the first quarter.
Crude oil remained an important contributor to the increase. Nigeria earned $9.39 billion from crude oil exports, representing a 15.78 per cent increase from the previous quarter.
Natural gas exports also recorded strong growth, rising by 40.15 per cent to $3.63 billion during the quarter. Refined petroleum product exports increased by 66.24 per cent to $3.94 billion, while non-oil exports rose by 25.30 per cent to $3.12 billion.
The increase in exports was accompanied by a decline in Nigeria’s crude oil imports. Crude oil imports fell from $1.39 billion in Q1 to $580 million in Q2, according to the CBN figures.
The stronger export performance helped Nigeria’s current account surplus rise to $7.54 billion in the second quarter. This represented a 67.93 per cent increase from the $4.49 billion recorded in Q1 and was also higher than the $5.17 billion recorded in Q2 2025.
The figures come amid improved performance in Nigeria’s oil and gas sector. Higher crude production and fewer disruptions to petroleum infrastructure contributed to increased export volumes and earnings during the period.
The growth in refined petroleum exports is also notable as Nigeria’s domestic refining capacity expands. Analysts have linked the increase partly to greater production from the Dangote Petroleum Refinery, which has been expanding its operations and supplying refined products to both domestic and international markets.
The stronger external position could provide additional foreign-exchange earnings for the country. However, Nigeria remains exposed to changes in international oil prices and production levels because petroleum products continue to account for a substantial share of exports.
The latest figures therefore highlight both the contribution of the oil sector to Nigeria’s foreign-exchange earnings and the growing role of refined petroleum products in the country’s export performance.
