Driven largely by a massive surge in petroleum product exports, Nigeria’s total export earnings rose by 23.7 percent year-on-year to reach $35.64 billion in the first half of 2026, up from $28.82 billion during the corresponding period in 2025.

According to data released by the Central Bank of Nigeria (CBN) in its quarterly statistical bulletin for Q2 2026, the country's total export revenues expanded by $6.82 billion over the six-month period, with petroleum-related shipments accounting for roughly 65 percent of that overall growth.

A sectoral breakdown highlights a dramatic 238.7 percent year-on-year spike in refined petroleum products exports, surging to $6.31 billion in H1 2026 from $1.86 billion in H1 2025—an absolute increase of approximately $4.45 billion.

Crude oil retained its position as Nigeria’s largest single export category, generating $17.51 billion (a 7.7 percent increase from $16.25 billion previously), while natural gas exports ticked up 4.2 percent to $6.22 billion.

Combined, total exports of crude oil, gas, and refined products reached $30.03 billion, representing about 84.3 percent of Nigeria's total export earnings for the half-year.

Meanwhile, non-oil exports also recorded positive growth, climbing 18.2 percent to $5.60 billion compared to $4.74 billion in H1 2025.

However, due to the faster expansion of the petroleum sector, non-oil exports slipped slightly as a share of total export earnings, dropping from 16.5 percent to 15.7 percent.

ID