Crude oil remained Nigeria’s largest single export commodity in the second quarter of 2026, generating N12.91tn and accounting for 47.79 per cent of the country’s total exports, according to data from the National Bureau of Statistics.
The development came amid a sharp rise in global oil prices, with crude trading around $98 per barrel as the ongoing war between the United States and Iran heightened concerns about possible disruptions to key oil transit routes.
The N12.91tn generated from crude exports contributed to Nigeria’s sizeable merchandise trade surplus during the quarter, with total exports substantially exceeding imports.
The NBS data showed that Asia was Nigeria’s largest export market during the period, receiving goods worth N8.72tn, representing 32.29 per cent of total exports.
Europe followed with N8.07tn, or 29.87 per cent, while exports to Africa stood at N6.65tn, representing 24.62 per cent. Exports to the Americas were valued at N3.11tn, or 11.52 per cent, while Oceania accounted for N459.96bn, representing 1.70 per cent
For Nigeria, the increase in international crude prices is already translating into higher export proceeds, reflected in the country’s second-quarter trade performance.
Within Africa, ECOWAS member states accounted for N3.75tn, representing 56.39 per cent of Nigeria’s exports to the continent. India was Nigeria’s largest individual export destination in the quarter, receiving goods valued at N3.29tn, equivalent to 12.17 per cent of total exports.
With Brent crude trading above $98 per barrel, significantly higher than Nigeria’s 2026 federal budget benchmark of $64.85, the rally could strengthen government revenues, foreign exchange reserves and exchange rate stability.
Analysts, however, have warned that a further escalation of the conflict could push crude prices well above $100 per barrel, particularly if the Strait of Hormuz, a major route for global oil shipments, is disrupted.
“Higher oil prices typically strengthen Nigeria’s current account balance, improve foreign exchange liquidity and export proceeds,” the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, stated in a recent policy brief titled ‘Implications of the Iran–US–Israel Conflict on the Nigerian Economy’.
“This could reduce short-term pressure on the naira and reinforce investor confidence,” Yusuf, a renowned economist, further explained. A sustained increase in crude prices could therefore support stronger export earnings and improve Nigeria’s external balances.
Nigeria’s total merchandise trade rose to N41.44tn in the second quarter of 2026, representing a 5.61 per cent increase from the N39.24tn recorded in the corresponding quarter of 2025.
The figure also represented a 19.13 per cent increase from the N34.79tn recorded in the first quarter of 2026. Exports accounted for 65.20 per cent of total trade during the quarter, valued at N27.02tn, while imports stood at N14.42tn, representing 34.80 per cent of total trade.
Nigeria’s exports increased by 18.77 per cent year-on-year from N22.75tn in Q2 2025 and rose by 27.64 per cent quarter-on-quarter from N21.17tn in Q1 2026.
Sustaining the gains in export proceeds would require continued protection of the country’s oil assets, including pipeline surveillance operations by Tantita Security Services Nigeria Ltd.
The fight against oil theft requires security measures as well as the deployment of surveillance capabilities and institutions with experience in protecting critical petroleum infrastructure.
The Federal Government appointed TSSNL to protect oil pipelines and other assets in the Niger Delta as part of efforts to safeguard production and maintain stability in the region.