Nigeria’s gas exports earnings rise 4.2% to $6.22 billion in H1 2026

Nigeria’s gas export earnings rose 4.2% year-on-year to $6.22 billion in the first half of 2026, up from $5.97 billion in the same period in 2025.

This is according to Nairametrics’ analysis of the Central Bank of Nigeria’s Balance of Payments Highlights for the first and second quarters of 2026.

Stronger earnings in the second quarter drove the increase, when gas exports reached $3.63 billion, up 9.7% from $3.31 billion in Q2 2025.

This more than offset the slight decline recorded in the first quarter, when gas export earnings stood at $2.59 billion compared with $2.66 billion a year earlier.

Quarter-on-quarter, gas export earnings increased by about 40.2% from $2.59 billion in Q1 2026 to $3.63 billion in Q2, adding $1.04 billion to Nigeria’s export receipts during the period.

What the data is saying

The H1 performance shows that the stronger second-quarter result was the main driver of the year-on-year increase in gas export earnings.

• Q2 gas exports of $3.63 billion represented the highest quarterly figure in the first half of the year, compared with $2.59 billion in Q1. The improvement also came as Nigeria recorded broader growth in its export earnings during the quarter.
• The CBN reported that natural gas exports increased by 40.15% in Q2 to $3.63 billion, making gas one of the key contributors to the growth in Nigeria’s goods exports.

Nigeria’s overall current account surplus also strengthened during the quarter, rising 67.9% to $7.54 billion from $4.49 billion in Q1 2026, supported by higher export receipts and increased diaspora remittances.

Get up to speed

The increase in export earnings comes alongside higher physical gas export volumes.

• Latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria exported 733,778 million standard cubic feet (MMSCF) of natural gas in the first eight months of 2026, representing a 19.1% increase from the corresponding period of 2025.
• The rise in export volumes suggests that stronger gas earnings have been supported not only by market conditions but also by increased volumes available for export.

Nairametrics earlier reported that Nigeria’s gas export earnings rose by 21% in 2025 to $10.51 billion, up from $8.66 billion in 2024, highlighting the growing contribution of gas to the country’s external earnings.

What you should know

The Federal Government and regulators are seeking to expand the sector’s contribution through increased investment in gas development.

The NUPRC’s Gas Development Roadmap targets more than 55 trillion cubic feet of uncommitted gas reserves and is designed to attract capital and accelerate the development of new gas resources.

Nigeria has more than 200 trillion cubic feet of proven natural gas reserves, giving the country substantial resources that could support higher production, exports and domestic gas utilisation.