Industry experts say Nigeria's ability to sustain the N12.91 trillion in crude oil export earnings recorded in the second quarter of 2026 depends on maintaining stability in the Niger Delta, protecting oil infrastructure and ensuring uninterrupted production. The figures come from foreign trade statistics released by the National Bureau of Statistics on Monday, according to Daily Trust.

Nigeria is set for a significant oil revenue windfall as escalating hostilities between the United States and Iran push crude prices above $100 per barrel, according to Vanguard. However, the country also faces renewed pressure on domestic fuel prices, inflation and operating costs. Latest market data showed the Organisation of Petroleum Exporting Countries Basket, which includes Nigeria's crude grades, trading above the $100 mark, highlighting both the fiscal opportunities and economic risks for Africa's largest oil producer.

Nigeria's total merchandise trade reached N41.44 trillion in the second quarter of 2026, driven largely by crude oil and petroleum exports, according to the National Bureau of Statistics. The NBS said the country's trade surplus doubled to N12.60 trillion, while non-oil products remained stuck at 13.8 per cent of exports. Agricultural exports fell sharply by 36 per cent during the period, highlighting continued reliance on oil despite efforts to diversify the economy.

According to Nairametrics, Nigeria’s petrol import bill rose sharply in the second quarter of 2026, reaching N952.15 billion. The outlet said the figure represents a 989.4% quarter-on-quarter increase from N87.40 billion in the first quarter. The report highlights a major rise in spending on imported petrol within Africa’s largest oil producer, based on the publication’s quarterly comparison of import costs.

The Nigerian National Petroleum Company Limited (NNPC) reported cumulative revenue of N25.133 trillion between January and July 2026, according to ThisDay Live. The state oil firm also posted a profit of N2.55 trillion over the seven-month period. The revenue performance was mainly driven by relative growth in crude, the report stated, citing correspondent Emmanuel Addeh in Abuja.

Nigeria spent N952.15bn on fuel imports in the second quarter of 2026, according to Punch, despite the country's growing domestic refining capacity. The spending comes amid an ongoing feud between Dangote Refinery and fuel importers. The figure highlights continued reliance on imported petroleum products even as local refining operations expand, raising questions about the impact of the dispute between Africa's largest refinery and import marketers on the nation's fuel supply and costs.