Nigeria’s goods account recorded a stronger performance in the second quarter of 2026, driven by a substantial increase in exports to $20.08bn, up from $15.56bn in the first quarter.
Crude oil exports rose by 15.78 per cent to $9.39bn, while natural gas exports increased by 40.15 per cent to $3.63bn.
The growth came amid improved crude oil production, greater stability in the Niger Delta and efforts to curb oil theft and pipeline vandalism.
One of the key developments cited by stakeholders in the improvement of oil-sector performance is the continued surveillance and protection of petroleum infrastructure by Tantita Security Services Nigeria Limited (TSSNL), alongside the operations of other security agencies.
The company, led by High Chief Government Oweizide Ekpemupolo, popularly known as Tompolo, was engaged by the Federal Government to protect oil pipelines and other critical petroleum assets.
Its operations, conducted in collaboration with other security agencies, have focused on preventing pipeline breaches, illegal oil bunkering and other activities that disrupt the production and transportation of crude oil.
The improved security environment has coincided with increased oil output and stronger export earnings, although several factors, including production investments, regulatory reforms and global oil market conditions, also influence Nigeria’s petroleum performance.
The second-quarter figures showed that exports of refined petroleum products increased by 66.24 per cent to $3.94bn, while non-oil exports rose by 25.30 per cent to $3.12bn.
At the same time, crude oil imports declined from $1.39bn in the first quarter of 2026 to $580m in the second quarter.
The stronger export performance helped Nigeria’s current account surplus rise by 67.93 per cent to $7.54bn in Q2 2026, from $4.49bn in the preceding quarter.
The figure was also higher than the $5.17bn recorded in the corresponding period of 2025.
According to provisional balance of payments statistics released by the Central Bank of Nigeria, the current account surplus was driven largely by the increase in the goods account surplus.
“Provisional balance of payments (BOP) statistics for Q2 2026 shows a current account surplus of $7.54bn, which was higher than the $4.49bn and $5.17bn recorded in the preceding quarter (Q1 2026) and corresponding period of 2025, respectively,” the CBN stated.
Security And Oil Production
President General of the Niger Delta Progressive Alliance, Nse Victor Udoh, said improved pipeline surveillance had helped strengthen the operating environment for petroleum producers.
According to him, the security of petroleum infrastructure was critical to maintaining the flow of crude oil from production fields to export terminals and refineries.
“It is important to clarify the role of pipeline surveillance within the wider energy landscape. Energy security encompasses the full value chain, from exploration and production to refining, distribution, pricing policy, and subsidy frameworks. Pipeline surveillance does not manage these domains,” he said.
He added that its specific responsibility was to safeguard critical infrastructure used to transport petroleum resources.
“Yet this single function has proven foundational. Without secure transportation channels, production targets falter, refining plans collapse, exports decline, and fiscal projections become unreliable,” he said.
Udoh said sustained surveillance and rapid response mechanisms had helped reduce pipeline breaches and illegal tapping, thereby improving the reliability of crude oil transportation.
“Asset protection, in this context, is not a supporting activity. It is a precondition for economic order. In effect, the pipeline is the hinge on which the entire petroleum value chain turns,” he stated.
He added that greater predictability in crude oil flows could improve planning for refineries, exporters, investors and government agencies.
“When crude flows are secure, refineries can plan feedstock intake with assurance. Export commitments can be met without fear of sudden shortfalls. Gas-to-power projects can operate without recurrent shutdown risks,” Udoh said.
He noted that increased accounted-for production could also translate into higher export revenues, improved foreign exchange inflows and stronger fiscal capacity.
Investment In Mature Assets
Beyond security, industry stakeholders have continued to emphasise the need for fresh investment in existing oil fields and infrastructure.
Chairman and Chief Executive Officer of Brittania-U, Catherine Uju Ifejika, highlighted the importance of additional investment in mature assets, citing the company’s Ajapa field as an example.
She said Brittania-U invested more than $400m after acquiring the asset from Chevron, including expenditure on additional wells and the deployment of a Floating Production, Storage and Offloading facility.
According to her, the investment enabled Ajapa to commence production at about 2,300 barrels per day in 2010, followed by increased and more stable output.
Meanwhile, the Nigerian Upstream Regulatory Commission said new incentives for offshore oil and gas projects could attract up to $50bn in fresh investment into Nigeria’s offshore energy sector.
However, industry stakeholders have also identified the availability of skilled manpower as critical to taking advantage of the emerging opportunities.
Speaking at a human resources conference, NUPRC Executive Commissioner, Eyesan, said Nigeria needed to develop additional skilled manpower, including workers with expertise in digital technologies.
She said annual investments in Nigeria’s oil and gas industry had declined to about $2bn, compared with $26bn recorded in 2014.
Production Growth
Nigeria has recorded an increase in crude oil and condensate production during the year.
