Nigeria’s crude oil import in the first half of 2026 dipped by 4.84 per cent, year-on-year, to N2.694 trillion, compared with N2.831 trillion recorded in the first half of 2025, according to data released by the National Bureau of Statistics (NBS).
The NBS, in its second quarter 2026 Foreign Trade in Goods Statistics, also disclosed that the amount spent on crude oil imports in the first half of 2026 was also 7.21 per cent lower than the N2.903 trillion import recorded in the second half of 2025.
Giving a breakdown of the figures, the NBS stated that in the first quarter of 2026, crude oil imports cost the country N1.907 trillion, while in the second quarter of 2026, the country spent N786.729 billion on imports of the commodity.
In comparison, the country spent N1.188 trillion and N1.642 trillion on crude oil imports in the first and second quarters of 2025, respectively; while in the third and fourth quarters of 2025, crude oil imports stood at N2.403 trillion and N499.747 billion, correspondingly.
Giving a breakdown of the crude oil import on a monthly basis, the NBS stated that in January, February and March 2026, the country imported crude oil worth N68.271 billion, N407.07 billion, and N1.432 billion respectively; while it spent N220.767 billion, N444.067 billion, and N121.895 billion, respectively, in April, May and June 2026.
In comparison, the country imported crude oil worth N335.686 billion, N445.272 billion, N407.289 billion, N335.307 billion, N724.227 billion, and N582.94 billion in January, February, March, April, May and June 2025, respectively.
In addition, in July, August, September, October, November and December 2025, amount spent on crude oil import, respectively, stood at N1.285 trillion, N619.24 billion, N499.415 billion, N407.075 billion, and N92.672 billion, while no crude oil was imported in December 2025.
Crude oil exports
Conversely, the country earned N24.117 trillion on crude oil exports in the first half of 2026, dropping by 3.23 per cent, year-on-year, compared with N24.921 trillion recorded in the first half of 2025.
In addition, the amount earned from crude oil exports in the first half of 2026 was 11.3 per cent higher than N21.669 trillion earned from the export of the same commodity in the second half of 2025.
Giving a breakdown on a quarterly basis, the NBS reported that in the first quarter of 2026, crude oil export earnings stood at N11.202 trillion, while crude oil export earnings in the second quarter stood at N12.914 trillion.
In comparison, in the first and second quarters of 2025, the country exported crude oil valued at N12.955 trillion, and N11.966 trillion, respectively, while in the third and fourth quarters of 2025, crude oil export revenue stood at N12.807 trillion, and N9.703 trillion, respectively.
SOURCE: sweetcrudereports.com