Nigeria’s oil earnings are set for a significant uplift as its crude grades surged to about $113 per barrel, outperforming global benchmark Brent crude, which traded near $96.
Data showed Nigeria’s Brass River and Qua Iboe grades selling at $113.82 and $113.72 per barrel, respectively—well above the country’s 2026 budget benchmark of $60.
The development coincides with a production increase, as Finance Minister Wale Edun disclosed that output has risen to 1.8 million barrels per day.
“It gives us that extra fiscal space within which to look at … helping the vulnerable households at this time.”
Rising prices and improved output are expected to boost government revenue, foreign exchange inflows, and overall fiscal stability.
Meanwhile, the Nigerian Naira strengthened in early trading at the Nigerian Foreign Exchange Market, exchanging at about N1,344.20 to the dollar.
Analysts attribute the currency’s stability to stronger FX inflows and ongoing interventions by the Central Bank of Nigeria.
Globally, oil prices are being driven by tensions in the Middle East, particularly disruptions linked to the Iran conflict, which has affected supply routes through the Strait of Hormuz.
This has increased demand for Nigerian crude, with new buyers emerging from Asia and Europe seeking alternatives to Middle East supplies.
