Nigeria's export earnings experienced a remarkable increase of 23.7 percent year-on-year, reaching $35.64 billion in the first half of 2026. This growth, compared to $28.82 billion during the same period in 2025, was primarily fueled by a substantial rise in exports of petroleum products.

According to the latest data released by the Central Bank of Nigeria (CBN) in its quarterly statistical bulletin for the second quarter of 2026, the country saw an increase of $6.82 billion in export earnings over the six-month period. Notably, exports of petroleum products surged by 238.7 percent, climbing to $6.31 billion from $1.86 billion in the first half of the previous year, contributing approximately $4.45 billion to the overall growth.

Crude oil exports continued to be the backbone of Nigeria's export economy, generating $17.51 billion, which marks a 7.7 percent increase from $16.25 billion in H1 2025. Additionally, gas exports also saw a rise, increasing by 4.2 percent to $6.22 billion, up from $5.97 billion in the same timeframe last year.

The combined total of crude oil, gas, and petroleum products exports rose by 21.9 percent, amounting to $30.03 billion, compared to $24.63 billion in the first half of 2025. This indicates that petroleum-related exports remain a dominant force in Nigeria's export landscape, accounting for approximately 84.3 percent of total exports during this period.

On the other hand, non-oil exports also showed positive growth, increasing by 18.2 percent year-on-year to $5.60 billion, up from $4.74 billion in H1 2025. However, despite this growth, non-oil exports represented only 15.7 percent of total export earnings, a slight decline from about 16.5 percent in the corresponding period of the previous year.

The significant rise in Nigeria's export earnings reflects the ongoing recovery and resilience of the country’s economy, largely driven by its petroleum sector, which continues to play a crucial role in the nation's trade dynamics.