Nigeria is set for higher oil revenue as crude prices surge above global benchmarks, with local grades trading around $113 per barrel compared to Brent at about $96.
Market data showed Brass River and Qua Iboe sold above $113 on Thursday, widening the premium on Nigerian crude and strengthening export earnings.
Finance Minister Wale Edun said production has also increased to 1.8 million barrels per day, boosting fiscal outlook.
“Rising production gives us that extra fiscal space to support vulnerable households at this time,” Edun said on the sidelines of the IMF–World Bank meetings in Washington.
Analysts say the gains reflect stronger demand for Nigerian crude amid global supply disruptions linked to geopolitical tensions, which have tightened supply routes and redirected buyers.
The Federal Government has set its 2026 oil benchmark at $60 per barrel, meaning current prices are well above projections and could improve budget performance.
Nigeria’s oil output has risen from about 1.38 million barrels per day earlier in the year, though challenges such as pipeline disruptions and OPEC quota constraints continue to affect full production capacity.
Traders say heightened demand from Asia and Europe has also supported Nigerian grades, as buyers seek alternatives to disrupted Middle East supplies.
The government expects higher prices and output to improve foreign exchange inflows and stabilize fiscal conditions in the months ahead.
