Nigeria’s crude oil earnings are set for a significant boost as local oil grades climbed to about $113 per barrel on Thursday, outperforming the international Brent benchmark, which traded around $96 per barrel.
Market data showed that major Nigerian crude blends such as Brass River and Qua Iboe sold at $113.82 and $113.72 per barrel respectively, reflecting strong global demand for the country’s oil.
The development comes as the Minister of Finance, Wale Edun, confirmed that Nigeria’s crude production has risen to 1.8 million barrels per day, a move expected to improve government revenue and strengthen the country’s fiscal position.
Analysts say the price surge is partly driven by global supply tensions linked to geopolitical conflicts in the Middle East, which have disrupted traditional oil routes and increased demand for alternative suppliers like Nigeria.
Despite the positive outlook, experts note that Nigeria’s oil sector still faces challenges such as pipeline vandalism, production shortfalls, and failure to consistently meet OPEC quotas, which could limit the full benefit of rising prices.
Meanwhile, the naira showed mild stability in the foreign exchange market, trading around ₦1,344 to the dollar at the official window as improved forex inflows supported market sentiment.
With crude prices rising above budget benchmarks, expectations are growing that government revenue, foreign reserves, and forex stability could see further improvement in the coming weeks.
