Nigeria’s crude oil exports generated approximately 12.81 trillion in the third quarter of 2025, according to data from the National Bureau of Statistics. This figure represents 56.14 percent of the country’s total exports during the period, indicating a recovery in oil export earnings within the year. Although crude oil export value dipped by 4.47 percent year-on-year from 13.41 trillion in Q3 2024, it rose by 7.03 percent compared to 11.97 trillion in Q2 2025.
The petroleum sector continues to dominate Nigeria’s foreign exchange earnings, with exports of mineral products, driven largely by crude oil and petroleum gases, valued at 20.01 trillion. This accounts for 87.71 percent of total exports in Q3 2025. Other oil-related exports stood at 7.01 trillion, in addition to crude oil earnings of 12.81 trillion, marking a significant 51.72 percent increase from 4.62 trillion recorded in Q3 2024.
Total merchandise trade rose to 38.94 trillion in Q3 2025, reflecting an 8.71 percent increase year-on-year and a 2.36 percent rise from Q2 2025. Exports accounted for 58.59 percent of total trade at 22.81 trillion, while imports stood at 16.12 trillion, or 41.41 percent. The trade balance remained positive at 6.69 trillion, despite declining by 10.36 percent from the previous quarter.
Europe remained Nigeria’s largest export market, receiving goods worth 8.71 trillion, which represented 38.16 percent of total exports, largely due to crude oil shipments. Asia followed with 6.40 trillion, while Africa accounted for 4.90 trillion, mainly petroleum products supplied to neighboring countries. India emerged as Nigeria’s top single export destination in Q3 2025, with imports valued at 2.26 trillion.
The data also highlights the country’s reliance on oil-driven trade, with non-oil exports performing less robustly. Agricultural exports declined by 11.69 percent year-on-year to 786.62 billion, while manufactured goods exports fell by 6.03 percent to 978.53 billion. This underscores the need for Nigeria to diversify its export base and reduce its dependence on crude oil exports.
The latest foreign trade statistics reinforce the significance of the petroleum sector in Nigeria’s economy, with crude oil exports driving the country’s foreign exchange earnings. As the country continues to navigate the complexities of the global oil market, it is essential to explore opportunities for diversification and growth in non-oil sectors to ensure sustainable economic development.