Nigeria saw a 4.2% year-over-year increase in gas export earnings, reaching $6.22 billion in the first half of 2026, compared to $5.97 billion in the same period of 2025, driven by a stronger second quarter, according to the Central Bank of Nigeria’s Balance of Payments Highlights.
In the second quarter, gas exports reached $3.63 billion, a 9.7% increase from $3.31 billion in the same quarter of 2025. This offset a slight decline in the first quarter, when earnings were $2.59 billion compared to $2.66 billion a year earlier.
Quarter-on-quarter, gas export earnings rose by 40.2% from Q1 2026 to Q2 2026, adding $1.04 billion to Nigeria’s export receipts. The Central Bank of Nigeria reported that natural gas exports increased by 40.15% in the second quarter, making gas a key contributor to the growth in the country’s goods exports.
Nigeria’s overall current account surplus also strengthened during this period, rising by 67.9% to $7.54 billion from $4.49 billion in the first quarter of 2026. This improvement was supported by higher export receipts and increased diaspora remittances.
The increase in export earnings aligns with higher physical gas export volumes. Data from the Nigerian Upstream Petroleum Regulatory Commission shows that Nigeria exported 733,778 million standard cubic feet of natural gas in the first eight months of 2026, a 19.1% increase from the same period in 2025.
This growth in export volumes indicates that stronger gas earnings have been supported by both market conditions and increased availability of gas for export. In 2025, Nigeria‘s gas export earnings rose by 21% to $10.51 billion, highlighting the growing role of gas in the country’s external earnings.
The Nigerian government and regulators aim to expand the sector’s contribution through increased investment in gas development. The Gas Development Roadmap targets over 55 trillion cubic feet of uncommitted gas reserves, designed to attract capital and accelerate new gas resource development.
With proven natural gas reserves exceeding 200 trillion cubic feet, Nigeria has substantial resources to support higher production, exports, and domestic gas utilization. These reserves position the country to further enhance its role in the global gas market.