Nigeria Earns $31.54 Billion from Crude Oil Exports in 2025 Amid Shifting Energy Landscape
Nigeria earned $31.54 billion from crude oil exports in 2025, marking a 14.41% decline from $36.85 billion in 2024, according to the Central Bank of Nigeria’s Balance of Payments (BOP) report. Despite the drop, oil remains the country’s largest source of external earnings, underscoring its continued dominance in Nigeria’s export economy.
The decline occurred even as crude oil production rose to 530.41 million barrels, up from 408.68 million barrels in 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Analysts point to operational disruptions, missed OPEC quotas in nine months of the year, and external pressures as key factors limiting revenue growth despite higher output. Overall production, including condensates, still fell short of the 766.5 million barrels budget target, leaving a gap of 166.86 million barrels.
While crude oil earnings dipped, Nigeria’s total oil and gas export sector showed modest growth, rising from $45.51 billion in 2024 to $48.17 billion in 2025. This growth was largely driven by gas exports, which rose 21.36% to $10.51 billion, and refined petroleum exports, which reached $6.13 billion. The emergence of refined exports, supported by the Dangote Refinery, signals a gradual shift toward higher-value petroleum products in Nigeria’s trade structure.
However, the country’s external sector faced rising pressures from increased imports and higher outflows in key accounts. Non-oil imports surged 13.6% to $29.24 billion, while services and primary income outflows rose sharply. Net outflows in the services account reached $14.58 billion, and primary income outflows jumped 60.88% to $9.09 billion, reflecting higher payments to foreign investors. These challenges offset some of the gains from export growth.
Despite these headwinds, Nigeria maintained a balance of payments surplus of $4.23 billion in 2025, down from $6.83 billion in 2024, with external reserves rising to $45.75 billion. The goods account remained resilient, supported by gas and refined petroleum exports, while fuel import reductions reflected improved domestic refining capacity. Analysts suggest that while crude oil remains central, the increasing role of gas and refined products could redefine Nigeria’s energy export landscape in the coming years.
source: nairametrics