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Nigeria’s Crude Earnings Defy Global Market, Plunge N1.75tn Q1

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Nigeria Earns N12.4tn from Crude Oil in 11 Months – Report

Despite a rise in global oil prices, widely traceable to the Middle East crisis, data from the National Bureau of Statistics (NBS) has shown that Nigeria’s crude oil exports fell by N1.75tn in the first quarter of 2026 .

The NBS, in its latest Foreign Trade in Goods Statistics report for Q1 2026, said crude oil exports declined to N11.20tn from N12.96tn recorded in the corresponding quarter of 2025.

“Crude oil exports in Q1 2026 were valued at N11.20tn; the value decreased by 13.53 per cent from N12.96tn in Q1 2025 and increased by 15.45 per cent from N9.70tn in Q4 2025,” the bureau stated.

The decline translates to a year-on-year loss of N1.75tn in crude export earnings, although crude receipts rose by N1.50tn compared with the fourth quarter of 2025. The data suggests that the rebound from the previous quarter was not strong enough to match the level recorded in early 2025.

Crude oil remained Nigeria’s dominant export product during the period, but its weight in the country’s export basket weakened.

The commodity accounted for 52.92 per cent of total exports in Q1 2026, down from 62.89 per cent in Q1 2025. This means crude oil still generated more than half of Nigeria’s export earnings, but its share fell by almost 10 percentage points within one year.

Total exports rose to N21.17tn in Q1 2026 from N20.60tn in Q1 2025, representing a 2.77 per cent increase. This shows that overall export growth was not driven by crude oil but by stronger earnings from non-crude oil exports and other petroleum products.

Non-crude oil exports rose to N9.97tn in Q1 2026 from N7.64tn in Q1 2025, while non-oil exports stood at N3.19tn. Other oil product exports also increased sharply to N6.78tn from N4.48tn, representing a 51.49 per cent rise.

The report said, “Crude oil remained Nigeria’s major exported commodity in the first quarter of 2026, with a value of N11.20tn, representing 52.92 per cent of total exports.”

The figures indicate that Nigeria’s export structure remained heavily dependent on petroleum, even as crude oil underperformed year-on-year. Mineral products accounted for N18.16tn, or 85.77 per cent of total exports, followed by products of the chemical and allied industries at N1.39tn, or 6.58 per cent.

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India was Nigeria’s biggest export destination in the quarter, receiving goods valued at N2.77tn, or 13.09 per cent of total exports. France followed with N1.97tn, the Netherlands with N1.95tn, Spain with N1.63tn, and the United States with N1.18tn. Together, the five countries accounted for 44.84 per cent of Nigeria’s total exports.

Regionally, Europe was Nigeria’s largest export market, with goods valued at N7.93tn, or 37.44 per cent of total exports. Asia followed with N6.42tn, or 30.31 per cent, while Africa received N4.06tn, or 19.19 per cent.

Despite the fall in crude earnings, Nigeria posted a stronger trade surplus of N7.55tn in Q1 2026, compared with N1.71tn in Q4 2025. The bureau attributed the improvement mainly to lower imports and higher crude oil exports on a quarter-on-quarter basis.

Imports fell to N13.62tn in Q1 2026 from N16.64tn in Q1 2025 and N17.25tn in Q4 2025. The lower import bill helped strengthen the trade balance, even though crude earnings remained weaker than the level recorded a year earlier.

The decline came despite rising international crude oil prices in March 2026, driven by escalating geopolitical tensions in the Middle East and concerns over disruptions to global oil supply routes.

According to the US Energy Information Administration, Brent crude prices climbed sharply during the first quarter of 2026, crossing the $100 per barrel mark on March 12 and closing the quarter at around $118 per barrel after renewed military tensions in the Middle East and fears surrounding the Strait of Hormuz.

The decline in crude oil export earnings further coincided with lower crude oil production in the first quarter of 2026, suggesting that weaker output may have offset the benefits of higher international oil prices during the period.

The NBS, in its latest Gross Domestic Product report, noted, “The nation in the first quarter of 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in the same quarter of 2025 and lower than the fourth quarter of 2025 production volume of 1.58 mbpd.”

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Shettima, Wife Depart Abuja for Jos as Tinubu–Shettima Campaign Takes Rally to Plateau

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Vice President Kashim Shettima has departed Abuja for Jos, Plateau State, alongside his wife, Hajiya Nana Shettima, ahead of the All Progressives Congress (APC) presidential campaign rally in the state.

The visit is part of the Tinubu–Shettima campaign’s engagements as the ruling party seeks to secure support for President Bola Ahmed Tinubu and Vice President Shettima ahead of the 2027 general elections.

The campaign’s visit to Plateau is expected to highlight the Federal Government’s infrastructure and economic development projects in the state, particularly those aimed at improving road connectivity, boosting commerce and supporting agricultural activities.

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Among the projects highlighted by the administration is the ongoing 125-kilometre Akwanga–Jos highway, which forms part of the Akwanga–Bauchi–Gombe–Maiduguri Superhighway.

Other projects include the rehabilitation of the Sharram–Garram–Babban Lamba Road in Kanke and the approved Mararaban Jama’a–Kanke–Langtang–Shendam–Ibi Road, which is expected to improve connectivity between Plateau and Taraba states.

The administration says the projects are part of its broader development agenda to connect communities, facilitate access to markets and provide farmers and businesses with improved infrastructure.

The APC campaign is expected to use the rally to present the administration’s achievements and future plans while seeking the confidence of Plateau residents to continue its development agenda beyond 2027.

 

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Ogun Police Disburse ₦10.6m to Families of Fallen Officers Under IGP Welfare Scheme

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The Ogun State Police Command has presented cheques totalling ₦10.65 million to families and next-of-kin of deceased police officers who served under the command, as part of efforts to support dependants of personnel who died in active service.

The cheques, amounting to ₦10,658,391.36, were presented on Saturday, November 14, 2026, by the Commissioner of Police, CP Bode Ojajuni, on behalf of the Inspector-General of Police, IGP Olatunji Rilwan Disu.

The statement was signed by the Police Public Relations Officer of the Ogun State Command, DSP Oluseyi B. Babas​eyi, anipr, and dated November 14, 2026.

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The presentation took place at the Command Headquarters in Eleweran, Abeokuta, under the Nigeria Police Force Group Life Assurance and the IGP Family Welfare Schemes.

The initiatives are designed to provide financial assistance to families of police officers who lost their lives while serving the country.

Accompanied by members of the Command Management Team, Ojajuni personally handed over the cheques to the beneficiaries.

Addressing the recipients, the police commissioner reaffirmed the Inspector-General’s commitment to the welfare of police personnel and their families.

He described the widows and families of the deceased officers as the “true superheroes”, acknowledging their resilience in coping with the loss of their loved ones who died in service to the nation.

Ojajuni noted that the financial intervention was a demonstration of the Force’s appreciation and institutional responsibility to support the families of fallen officers.

He said the initiative represented the Nigeria Police Force’s enduring commitment to standing by the dependants of personnel who paid the ultimate price in active service.

Responding on behalf of the beneficiaries, Mrs Ejembi Ada Veronica thanked the Inspector-General of Police and the Ogun State Police Command for remembering their families and providing financial assistance.

She assured the authorities that the money would be channelled towards the education, upkeep and general welfare of the children and dependants left behind by the deceased officers.

According to her, the intervention would provide timely relief and help improve the stability of the affected families.

The Ogun State Police Command reiterated its commitment to supporting the families of fallen officers, assuring them of its continued solidarity.

 

 

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NUPRC Screens 28 Wells Over Rivers Gas Seepage, Identifies Three as High-Risk

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has screened 28 oil and gas wells around reported gas seepage locations in Bille Community, Degema Local Government Area of Rivers State, identifying three as high-risk, as investigations continue to establish the source of the bubbling gas.

The Commission disclosed that its investigation team physically visited 14 of the 28 wells screened but could not access three others because they were submerged. During the visits, the team observed gas hissing from some wells, while some facilities were found to be corroded and others vandalised.

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The update was made on Thursday during a special technical paper presentation at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE).

The paper, titled “Unravelling Gas Seepage and Bubbling in Nigeria: The Integrated Study Approach Towards Source Attribution,” was hosted by the NUPRC.

In his presentation, the Director of Subsurface Development at the NUPRC, Engr. Joseph Ogunsola, FNSE, described gas seepage as a new phenomenon in the Nigerian petroleum industry, prompting the Commission to constitute a team to investigate what lies beneath the bubbles.

Ogunsola was represented by the Senior Manager, Onshore Frontier Development Drilling, Mr. Azibamikiomam John-Adumo, a geologist.

He disclosed that studies conducted in one of the affected areas had helped unravel the structural threat associated with the phenomenon.

According to him, one of the wells was originally drilled in search of oil but was shut down following the discovery of gas instead.

He explained that the well is approximately 2.5 kilometres from the seepage location, adding that investigations are ongoing to establish whether the seepage originates from that particular well or other nearby wells.

He further disclosed that the distance between the seepage location and other wells ranges from 2.5 to three kilometres, noting that the area is highly explored and hydrocarbon-charged, as demonstrated by the number of wells in the vicinity.

Providing an update on the wells workstream, which falls under the facility and infrastructure component of the investigation, John-Adumo said the 28 wells were screened based on their proximity to the seepage locations and the reservoirs traversed during drilling.

He also explained that the investigation had progressed from the first reported bubble to an independent fingerprinting campaign within 12 months.

Recalling that the first seepage was observed in October 2025, he said the results of the independent investigation, using Gas Chromatography-Isotope Ratio Mass Spectrometry (GC-IRMS) and compositional field analysis, were expected in the fourth quarter of 2026.

While investigations continue, John-Adumo said the Commission and operators had mobilised relief materials and other support for affected communities.

The interventions include food supplies, medical outreach, efforts to provide potable water, fire vans and safety kits, among other assistance.

He, however, warned that if the seepage is established to be a natural geological phenomenon, residents may need to be evacuated because tracing the migration pathways and designing subsurface interventions could be much more challenging.

He reiterated the Commission’s commitment to a speedy, coordinated and integrated investigation to establish the source of the gas seepage.

 

 

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