Oil
Nigeria foreign reserves rise to $58.81bn amid oil focus
Nigeria reports an increase in external reserves, prompting focus on oil investment and corporate earnings.
Key points
- External reserves reached $58.81bn by mid-October according to central bank figures.
- Seplat Energy posted higher first-half revenue supported by increased realised crude prices.
- Analysts highlight the need for sustained foreign exchange inflows and investment in production.
Reserves growth
According to data published by THISAGE from the Central Bank of Nigeria, the nation's external reserves grew to $58.81bn by October 12. This marked a rise from $55.08bn recorded on October 9. The figure also reflects an increase compared to September 1.
While the specific factors behind the sharp three-day accumulation remain unclear, the higher reserve position strengthens the country's external buffer. This development potentially enhances capacity to handle foreign exchange pressures.
Corporate performance
Energy companies continue to navigate market conditions, with Seplat Energy reporting financial results for the first half of 2026. The firm announced revenue totalling $1.82bn, compared to the previous year's figure of $1.40bn.
Average realised crude prices for the firm increased to $94.13 per barrel, up from $72.58 a year prior. However, observers note that higher corporate revenue does not automatically result in equivalent national reserve additions due to operating costs and debt obligations.
Outlook for investment
With fuel exports accounting for 85.9 percent of merchandise exports in 2025 according to World Bank figures, upstream investment remains critical. Policymakers and investors are closely watching whether improved earnings will translate into expanded production capacity and sustained macroeconomic stability.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
