By Babajide Komolafe
Nigeria’s total export earnings rose by 23.7 per cent year-on-year, YoY to $35.64 billion in the first half of 2026 (H1’26), from $28.82 billion in the corresponding period of 2025, driven largely by a surge in petroleum products exports.
Analysis of data from the quarterly statistical bulletin, of the Central Bank of Nigeria’s (CBN) for Q2’26, showed that the country’s export earnings increased by $6.82 billion during the six-month period, with petroleum products accounting for about 65 per cent of the growth.
Petroleum products exports jumped by 238.7 per cent YoY to $6.31 billion in H1’26 from $1.86 billion in H1’25, representing an increase of approximately $4.45 billion.
Crude oil remained Nigeria’s largest individual export category, generating $17.51 billion, up 7.7 per cent YoY from $16.25 billion in the corresponding period of 2025.
Gas exports also increased, rising by 4.2 per cent YoY to $6.22 billion from $5.97 billion.
Consequently, total exports of crude oil, gas and petroleum products rose by 21.9 per cent YoY to $30.03 billion from $24.63 billion in H1’25.
The performance indicates that petroleum-related exports remained the dominant source of Nigeria’s export earnings, accounting for about 84.3 per cent of total exports during the period.
Meanwhile, non-oil exports increased by 18.2 per cent YoY to $5.60 billion from $4.74 billion in H1’25.
Despite the increase, non-oil exports accounted for about 15.7 per cent of total export earnings, down from approximately 16.5 per cent in the corresponding period of 2025.
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