Nigeria’s Crude Oil Exports Hit N37.7 Trillion in Nine Months, Driving FX Stability
Nigeria’s crude oil exports surged to N37.7 trillion in the first nine months of 2025, according to the latest Foreign Trade in Goods Statistics from the National Bureau of Statistics (NBS). The data covers January to September, a period marked by steady export performance even amid global market volatility, underscoring the continued dominance of oil in the country’s trade and foreign exchange earnings.
Quarterly figures show a relatively stable trend in crude oil receipts: N12.96 trillion in Q1, N11.97 trillion in Q2, and N12.81 trillion in Q3, bringing total export earnings to N37.73 trillion for the nine-month period. Analysts note that the lack of major fluctuations points to short-term resilience in Nigeria’s oil sector, supported by both stable prices and consistent export volumes.
Looking at the broader trend, Nigeria’s crude oil earnings have steadily risen over the past five years, from N9.44 trillion in 2020 to N55.29 trillion in 2024, the latter marking a five-year peak. Despite rising revenues, sector profitability has not followed suit. In 2024, crude oil and gas profits fell by N824.66 billion to N1.08 trillion, highlighting ongoing structural and efficiency challenges in the industry.
Meanwhile, non-oil exports are showing impressive growth. In the first nine months of 2025, non-oil exports reached a record N9.2 trillion, up 48% year-on-year. However, they still accounted for only 12–14% of monthly exports in Q3, illustrating that oil remains the backbone of Nigeria’s trade, with non-oil sectors yet to significantly influence the overall balance of payments.
The data reinforces Nigeria’s dependence on crude oil as the key driver of foreign exchange and government revenue. While the stability of oil export earnings offers short-term economic relief, declining sector profitability and continued reliance on oil expose the country to potential risks from global price shocks. Expanding non-oil exports remains crucial for a more resilient and diversified economy.
source: nairametrics