Nigeria produced 402.86 million barrels of crude oil valued at about N52.12tn between January and September 2026, based on monthly average production rates, prevailing crude oil prices and an exchange rate of N1,331 to the dollar.

The estimated value of the nine-month output was calculated at approximately $39.15bn before conversion to the naira.

Based on data obtained from the Central Bank of Nigeria, the production volume was obtained by multiplying Nigeria’s average daily crude oil production for each month by the number of days in that month, while the estimated dollar value was derived by multiplying the resulting monthly volumes by the corresponding crude oil prices.

The calculations cover crude oil production alone and do not include condensate and gas.

According to the calculations, January accounted for 45.26 million barrels; February, 36.68 million barrels; March, 42.78 million barrels; April, 44.70 million, while May stood at 47.43 million.

June recorded 46.80 million barrels; July, 46.81 million barrels; August, 46.50 million barrels; and September, 45.90 million barrels.

The monthly production volumes added up to 402.86 million barrels, which was rounded to approximately 403 million barrels.

January’s output was calculated using an average daily production rate of 1.46 million barrels multiplied by 31 days. February’s 1.31 million barrels per day was multiplied by 28 days, while March’s 1.38 million barrels per day was multiplied by 31 days.

For the remaining months, April’s daily average of 1.49 million barrels was multiplied by 30 days; May’s 1.53 million barrels by 31 days; June’s 1.56 million barrels by 30 days; July’s 1.51 million barrels by 31 days; August’s 1.50 million barrels by 31 days; and September’s 1.53 million barrels by 30 days.

The estimated dollar value was calculated using the corresponding monthly Bonny Light crude oil prices. January’s 45.26 million barrels, valued at $68.05 per barrel, amounted to approximately $3.08bn. February’s 36.68 million barrels at $72.33 per barrel were valued at $2.65bn, while March’s 42.78 million barrels at $106.09 per barrel amounted to $4.54bn.

April’s 44.70 million barrels at $126.71 per barrel were valued at $5.66bn. May’s 47.43 million barrels at $112.63 per barrel amounted to $5.34bn, while June’s 46.80 million barrels at $88.24 per barrel were valued at $4.13bn.

In July, the 46.81 million barrels produced at $84.81 per barrel were valued at $3.97bn. Similarly, August’s 46.50 million barrels at $94.64 per barrel amounted to $4.40bn, while September’s 45.90 million barrels at $117.12 per barrel were valued at $5.38bn.

The nine monthly estimates produced a total value of approximately $39.15bn.

The estimated $39.15367bn was multiplied by the exchange rate of N1,331 to the dollar. This produced approximately N52.1135tn, or N52.11tn when rounded to two decimal places.

On a monthly basis, the estimated naira value was N4.10tn in January, N3.53tn in February, N6.04tn in March, N7.54tn in April, N7.11tn in May, N5.50tn in June, N5.28tn in July, N5.86tn in August and N7.16tn in September.

April recorded the highest estimated monthly value at $5.66bn, equivalent to about N7.54tn, while February had the lowest at $2.65bn, or approximately N3.53tn.

The figures show the estimated gross value of crude oil produced during the period by all producers, including the Nigerian National Petroleum Company Limited, the international oil companies and indigenous producers, rather than the actual revenue received by the Federal Government.

The calculation does not account for production costs, royalties, taxes, crude allocations, domestic consumption, export volumes or other deductions.

It was observed that the monthly average prices of Bonny Light, Nigeria’s crude benchmark, rose from $68.05 per barrel in January to $72.33 in February.

As the US-Iran crisis started on 28 February, oil prices jumped globally, and Bonny Light hit $106.09 in March.

It soared to a peak of $126.71 in April and $112.63 in May before easing to $88.24 in June following a ceasefire agreement between Tehran and Washington.

The crude traded for $84.81 in July and rose again to $94.64 in August and $117.12 in September as the ceasefire agreement collapsed.

The PUNCH reports that Nigeria’s oil earnings have recorded an estimated windfall since the war started, pushing revenues far above the Federal Government’s 2026 budget assumptions.

The 2026 budget is anchored on daily oil production of 1.8 million barrels per day, a benchmark oil price of $64.85 per barrel and an exchange rate of N1,400 to the dollar.