Nigeria's gas export earnings rise 4.2% to $6.22 billion in H1 2026
By Aboki Forex —
Nigeria earned $6.22 billion from gas exports in the first half of 2026, a 4.2% rise from $5.97 billion in the same period of 2025. The increase was driven almost entirely by a strong second quarter, according to an analysis of the Central Bank of Nigeria's Balance of Payments Highlights for the first and second quarters of 2026.
Gas export earnings hit $3.63 billion in Q2 2026, up 9.7% from $3.31 billion in Q2 2025. That gain more than covered the slight drop in the first quarter, when earnings stood at $2.59 billion compared with $2.66 billion a year earlier.
Second quarter did the heavy lifting
Quarter on quarter, gas export receipts climbed about 40.2%, from $2.59 billion in Q1 2026 to $3.63 billion in Q2. That added $1.04 billion to Nigeria's export receipts within the period.
The Q2 figure was the highest quarterly gas export number in the first half. The CBN put the Q2 increase in natural gas exports at 40.15%, making gas one of the main contributors to growth in Nigeria's goods exports.
The broader external accounts also improved. Nigeria's current account surplus rose 67.9% to $7.54 billion in Q2 2026, from $4.49 billion in Q1, helped by higher export receipts and increased diaspora remittances.
Volumes are rising too
The earnings gain came with higher physical export volumes. Data from the Nigerian Upstream Petroleum Regulatory Commission showed Nigeria exported 733,778 million standard cubic feet (MMSCF) of natural gas in the first eight months of 2026, a 19.1% increase from the same period of 2025.
That suggests the stronger earnings were supported by both market conditions and more gas available for export, rather than price alone.
Gas is becoming a bigger part of Nigeria's external earnings. Gas export earnings rose 21% in 2025 to $10.51 billion, up from $8.66 billion in 2024.
What it means for Nigeria
The Federal Government and regulators are pushing to expand gas's contribution through more investment in development. The NUPRC's Gas Development Roadmap targets more than 55 trillion cubic feet of uncommitted gas reserves and is meant to attract capital and speed up work on new gas resources.
Nigeria holds more than 200 trillion cubic feet of proven natural gas reserves, enough to support higher production, exports and domestic gas use if the investment follows.
For the naira, sustained gas earnings matter because they bring in dollars outside the oil channel. A stronger current account surplus eases pressure on external reserves and on the currency, even as the country's import bill and debt service continue to compete for the same dollars.