Nigeria produced an estimated 402.86 million barrels of crude oil worth approximately ₦52.11tn between January and September 2026, based on monthly production estimates, prevailing crude prices and an exchange rate of ₦1,331 to the dollar.

The calculations, based on data obtained from the Central Bank of Nigeria, put the estimated gross value of the output at about $39.15bn before conversion to naira. The figures cover crude oil production alone and exclude condensate and natural gas.

Monthly production estimates showed that Nigeria produced 45.26 million barrels in January, 36.68 million in February and 42.78 million in March. Output rose to 44.70 million barrels in April and 47.43 million in May, before reaching 46.80 million in June.

Production was estimated at 46.81 million barrels in July, 46.50 million in August and 45.90 million in September. Together, the monthly figures amounted to 402.86 million barrels, or approximately 403 million barrels over the nine-month period.

The estimated value of the output was influenced by changes in Bonny Light crude oil prices. January’s production was valued at about $3.08bn at an average price of $68.05 per barrel. In February, the estimated value stood at $2.65bn, based on a price of $72.33 per barrel.

The value increased sharply in March, when Bonny Light averaged $106.09 per barrel, putting the estimated value of output at $4.54bn. April recorded the highest monthly estimate, at $5.66bn, as the benchmark price rose to $126.71 per barrel. May’s output was valued at $5.34bn, while June’s estimate fell to $4.13bn as prices eased to $88.24 per barrel.

In the second half of the period, the estimated value stood at $3.97bn in July, $4.40bn in August and $5.38bn in September. Using the stated exchange rate, the monthly naira values ranged from approximately ₦3.53tn in February to ₦7.54tn in April. The nine-month total was calculated at about ₦52.11tn.

However, the estimated value represents the gross worth of crude oil produced by all operators, including the Nigerian National Petroleum Company Limited, international oil companies and indigenous producers. It is not the amount earned or received by the Federal Government. The calculation does not deduct production costs, royalties, taxes, crude allocations or domestic consumption, and it does not establish how much oil was exported or sold.

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Nigeria’s Crude Oil Output Worth ₦52.11tn in Nine Months as Prices Surge· Post

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The figures were presented against a backdrop of volatility in global oil markets linked in the source report to the US-Iran crisis. Bonny Light prices rose from $68.05 per barrel in January to $126.71 in April, before falling to $84.81 in July and climbing again to $117.12 in September. Nigeria’s 2026 budget assumptions are based on daily production of 1.8 million barrels, an oil price of $64.85 per barrel and an exchange rate of ₦1,400 to the dollar.