Nigeria Generates Estimated ₦41.7 Trillion Gross Value from First-Half Crude Production

Nigeria produced approximately 295.18 million barrels of crude oil and condensate during the first six months of 2026, generating an estimated gross market value of $28.08 billion (about ₦41.74 trillion). This output represents a modest 1.93 percent recovery from the second half of last year, although it remains slightly below the volumes recorded during the same period in 2025.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates that average daily production stood at 1.63 million barrels per day (bpd) between January and June. While this reflects a positive rebound in recent months, the half-year total represents a minor 1.23 percent year-on-year decline from the 298.85 million barrels recorded in the first half of 2025, showing that the sector is still working to fully match previous high marks.

Production volumes fluctuated throughout the half-year, starting strong in January with 50.45 million barrels (1.63 million bpd) before dipping in February to 41.55 million barrels (1.48 million bpd). A steady recovery followed, with output rising to 48.49 million barrels in March and 49.90 million barrels in April. The upward trend peaked in May at 52.72 million barrels (1.70 million bpd), and June concluded the quarter with a daily average of 1.74 million bpd, contributing 52.06 million barrels to the half-year total.

Gross values shifted in tandem with global price volatility and local currency exchange rates. Driven by international geopolitical tensions, the price of Bonny Light crude surged from an average of $68.05 per barrel in January to a peak of $126.71 per barrel in April, before moderating to $81.48 by June. Consequently, monthly gross revenue peaked in April at $6.32 billion (₦9.40 trillion) before tapering off to $4.24 billion (₦6.19 trillion) in June.

These figures represent the gross market value of the produced hydrocarbons rather than actual government inflows. Net government revenues are lower after deducting production costs, royalties, taxes, and joint-venture or production-sharing agreements. Nonetheless, the robust gross value of ₦41.74 trillion marks substantial progress toward meeting the federal government’s full-year oil revenue expectations.

The regulatory commission attributed the steady upward trajectory to enhanced operational stability and the absence of major pipeline disruptions. Sustained efforts to secure critical infrastructure and minimize shutdowns have allowed June to mark the fourth consecutive month of production growth, signaling a gradual stabilization of Nigeria’s upstream petroleum sector.