The price of Nigerian crude oil has risen to $71 per barrel, higher than the federal government’s 2026 budget benchmark of $64.85 amid growing geopolitical risk.
Even though it has recorded a 0.7 per cent drop from $72.3 on Monday, Bonny Light is now trading at around $71 a barrel.
Nigerian crude, popularly referred to as “light and sweet”, is reknowned for its low sulfur content and high API gravity, making it cheaper to refine into high-value products like diesel and gasoline.
Rising geopolitical risk premiums, particularly outside of the Middle East, have made oil one of the best-performing asset classes this year.
The federal government’s 2026 budget is based on a conservative crude price of $64.85 per barrel, with a daily production target of 1.84 million barrels.
Production in January 2025 was around 1.48 million barrels per day (bpd), just below the OPEC+ target of 1.5 million bpd.
