Nigeria’s external earnings increased significantly in the second quarter of 2026, reaching $20.08 billion as stronger crude oil and natural gas exports boosted the country’s goods account.
According to data reported by Punch, export earnings rose from $15.56 billion in the first quarter to $20.08 billion in Q2, representing a substantial increase over the three-month period.
Crude oil exports were a major contributor to the improvement. Nigeria recorded $9.39 billion in crude oil export earnings during the quarter, representing a 15.78 per cent increase from the previous quarter.
Gas exports also recorded a stronger performance, rising by 40.15 per cent to $3.63 billion. The increase reflects the growing contribution of both crude oil and natural gas to Nigeria’s external trade position.
The stronger export performance helped widen Nigeria’s current account surplus during the period, indicating an improvement in the country’s balance of external transactions.
Beyond crude oil and gas, refined petroleum products and non-oil exports also contributed to the growth in the goods account.
The development comes as Nigeria continues efforts to increase oil and gas production, attract fresh investment into the energy sector and strengthen foreign-exchange inflows.
The latest figures also highlight the importance of the petroleum sector to Nigeria’s external earnings, even as the government continues to pursue economic diversification and increased non-oil exports.
For businesses and investors, stronger export earnings could provide additional support for Nigeria’s external position, although the country’s performance will continue to depend on production levels, global commodity prices and developments in the international energy market.
