Nigeria’s crude oil exports generated approximately 12.81 trillion in revenue during the third quarter of 2025, according to the National Bureau of Statistics (NBS). This figure represents a 56.14% share of the country’s total exports for the period. Although the value of crude oil exports declined by 4.47% compared to the same quarter in 2024, it increased by 7.03% from the second quarter of 2025.
The NBS’s ‘Foreign Trade in Goods Statistics’ report highlights the continued dominance of the petroleum sector in Nigeria’s foreign exchange earnings. Mineral products, primarily driven by crude oil and petroleum gases, accounted for 87.71% of total exports, valued at 20.01 trillion. Other oil product exports surged to 7.01 trillion, in addition to crude oil exports of 12.81 trillion, representing a 51.72% increase from the same quarter in 2024.
Nigeria’s total merchandise trade stood at 38.94 trillion in the third quarter of 2025, marking an 8.71% increase from the corresponding quarter in 2024 and a 2.36% rise from the second quarter of 2025. Exports accounted for 58.59% of total trade, valued at 22.81 trillion, while imports made up the remaining 41.41%, valued at 16.12 trillion. This resulted in a positive trade balance of 6.69 trillion, despite a 10.36% decline compared to the preceding quarter.
The report also highlights the significant role of oil and oil-related products in Nigeria’s export growth, offsetting declines in non-oil segments, particularly agricultural exports. Europe remained the largest export destination, absorbing 8.71 trillion or 38.16% of total exports, largely driven by crude oil shipments. India emerged as Nigeria’s single largest export destination, with goods valued at 2.26 trillion, followed by Spain, France, the Netherlands, and Italy.
The dominance of oil was even more pronounced in Nigeria’s trade with African and ECOWAS countries, with petroleum oils and oils obtained from bituminous minerals, crude, accounting for 39.57% of Nigeria’s exports to Africa. The NBS data indicates that while oil and oil-related trade posted strong numbers, non-oil exports painted a mixed picture, with agricultural exports falling by 11.69% year-on-year and manufactured goods exports declining by 6.03%.
The latest trade figures underscore the ongoing importance of the petroleum sector to Nigeria’s economy, with crude oil exports driving foreign exchange earnings. As the country seeks to diversify its economy, the performance of non-oil sectors will be crucial in achieving sustainable growth and reducing dependence on oil revenues.
