Nigeria’s crude oil exports surged to N37.7 trillion in the first nine months of 2025, according to the Q3 2025 Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS). This period reflects a relatively stable performance in oil exports, despite ongoing volatility in global oil markets.
The NBS data revealed that crude export earnings were N12.96 trillion in Q1, slightly dipping to N11.97 trillion in Q2, before rebounding to N12.81 trillion in Q3. Analysts say the fluctuations are largely linked to global pricing trends, exchange rate changes, and Nigeria’s ability to maintain export volumes amid domestic refining challenges.
Local refineries have struggled to meet operational feedstock demands, forcing major players like the Dangote Refinery to rely on imports from the US, Ghana, and other countries to support its 650,000 barrels per day (bpd) processing capacity. Despite these challenges, the country’s crude oil sector has remained the backbone of export earnings.
Over the past five years, Nigeria’s crude oil export revenues have shown consistent growth, rising from N9.44 trillion in 2020 to N55.29 trillion in 2024, the highest recorded in recent years. The NBS data indicate that this upward trajectory has continued into 2025, underlining the country’s reliance on oil exports while global markets remain unpredictable.
Meanwhile, Nigeria’s non-oil exports also experienced significant growth, reaching N9.2 trillion in the first nine months of 2025, up 48% year-on-year. However, non-oil products still accounted for only 12–14% of monthly exports in Q3, signaling that oil and gas continue to dominate the nation’s trade landscape.
source: dailytrust