Michael Eboh
Dublin, Ireland — Nigeria earned N1.988 trillion from the export of Premium Motor Spirit (PMS), also known as petrol or fuel, and partially refined crude oil in the first half of 2026, rising by 435.07 per cent, year-on-year, compared with N371.536 billion recorded in the export of the same commodities in the first half of 2025.
The National Bureau of Statistics (NBS), in its latest foreign trade in goods statistics reports, also disclosed that the amount the country earned from the export of both commodities in the first six months of 2026 was 10.32 per cent higher than the N1.802 trillion recorded in the second half of 2025.
Giving a breakdown of the country’s petroleum products’ export earnings on a quarterly basis, the NBS noted that in the first quarter of 2026, PMS and partially refined crude oil exports stood at N1.056 trillion, dropping slightly to N931.843 billion in the second quarter.
In comparison, in the first quarter of 2025, there was no export of both commodities, while in the second quarter of 2025, the country exported only PMS valued at N371.536 billion.
In the second half of 2025, the NBS stated that N891.711 billion and N909.952 billion were earned from the export of PMS and partially refined crude oil in the third and fourth quarters, respectively.
Furthermore, giving a breakdown of exports on a commodity basis, the NBS reported that in the first quarter of 2026, the country exported ‘partially refined oil including crude oil having undergone primary refinement’, valued at N470.363 billion; while PMS export stood at N452.480 billion. In the first quarter of 2025, the country did not record any export earnings from both commodities.
In the second quarter of 2026, the country recorded PMS export of N546.024 billion and partially refined crude oil export of N510.108 billion, compared with PMS export of N371.536 billion recorded in the second quarter of 2026.
The NBS also reported that in the first quarter of 2026, Nigeria exported N68.455 billion worth of PMS to France, and N182.12 billion worth of partially refined crude oil to the Netherlands, while the United States purchased N78.492 billion worth of partially refined crude oil from Nigeria.
Togo also purchased N105.504 billion worth of PMS from Nigeria, and partially refined crude oil valued at N89.834 billion; while Nigeria also exported PMS valued at N55.956 billion to Ivory Coast.
In the second quarter of 2026, the NBS reported that Nigeria exported PMS to Togo, Cote D’Ivoire and Ghana valued at N209.704 billion, N53.45 billion, and N113.305 billion, respectively.
