Nigeria Crude Oil Price,
Production & Exports - January 2026
CBN data shows Bonny Light at $68.05 per barrel in January 2026. Domestic production edged up to 1.46 million barrels per day and crude exports to 1.01 mbd, but both remain far below Nigeria's old highs.
At a glance
Price peak
$138.74
June 2008
Price low
$14.28
April 2020
Production peak
2.88 mbd
October 2010
Production low
0.94 mbd
September 2022
Bonny Light price
$68.05
January 2026 · +4.34% vs Nov 2025
Domestic production
1.46 mbd
January 2026 · -5.19% vs Jan 2025
Crude exports
1.01 mbd
January 2026 · -7.34% vs Jan 2025
Price vs Jan 2025
-15.74%
Oil prices are higher than the previous available month, but still well below last January.
Long run
Nigeria's oil price cycle since 2006
This chart shows the broad regime changes: the 2008 spike, the 2015 to 2016 crash, the 2020 collapse, the 2022 rebound, and the softer pricing environment seen again in 2025 to 2026.
What changed
January 2026 in plain English
1. Oil prices rose from the previous available month
The CBN series currently jumps from November 2025 to January 2026. Against that previous available reading, price rose by 4.34% to $68.05 per barrel.
2. Production improved, but only modestly
Output came in at 1.46 mbd in January 2026. That is slightly better than late 2025, but still below the 1.54 mbd seen in January 2025 and far below the production levels Nigeria used to sustain a decade ago.
3. Export volumes are still historically light
Crude exports reached 1.01 mbd. That is better than the 2022 lows, but still less than half of the 2.43 mbd peak recorded in October 2010.
Recent detail
Production and exports since 2022
This is the part of the story that matters most for Nigeria's fiscal reality. When production weakens, exports usually weaken with it, and that puts direct pressure on foreign exchange earnings.
Note: the current CBN series displayed on the source page skips December 2025. Figures reproduces the published sequence as-is.
Context
Price regime vs output regime
Oil prices can swing hard from year to year. Production and exports move more slowly, and Nigeria's long-run problem is that those volume lines have trended lower even when prices are favourable.
Editor's Insight
What these numbers mean beyond the chart
Prices are recovering, but not booming
Bonny Light moved up from the previous available reading in November 2025 to January 2026. But at $68.05 per barrel, it is still far below the $80.76 recorded in January 2025 and nowhere near the triple-digit era of 2011 to 2014.
Production is better than the 2022 trough, but still structurally weak
Nigeria lifted domestic production from the September 2022 low of 0.94 million barrels per day to 1.46 mbd in January 2026. That is progress, but it remains far below the 2.88 mbd peak seen in October 2010.
Exports rise and fall with output
Crude exports stood at 1.01 mbd in January 2026. That mirrors the production story almost exactly: better than the lows, but still much lower than the 2.43 mbd export peak recorded in 2010.
Source transparency
About this data
Source page
Central Bank of Nigeria crude oil dataSeries used
Crude Oil Price (Bonny Light) in US$/barrel, Domestic Production in million barrels per day, and Crude Oil Export in million barrels per day.
Coverage
January 2006 to January 2026 as published on the CBN source page and workbook provided.
Publishing note
The current CBN series in the supplied workbook moves from November 2025 to January 2026. Figures reflects that source sequence rather than inventing a December value.