Nigeria’s crude oil exports generated approximately 12.81 trillion naira in the third quarter of 2025, according to the National Bureau of Statistics. This amount represents 56.14 percent of the country’s total exports for the period, indicating a recovery in oil export earnings within the year. Although the value of crude oil exports fell by 4.47 percent year‑on‑year from 13.41 trillion naira in Q3 2024, it rose by 7.03 percent compared with 11.97 trillion naira in Q2 2025.
The petroleum sector continues to dominate Nigeria’s foreign‑exchange earnings. Exports of mineral products—largely crude oil and petroleum gases—were valued at 20.01 trillion naira, accounting for 87.71 percent of total exports in Q3 2025. Other oil‑related exports amounted to 7.01 trillion naira, and together with crude oil earnings of 12.81 trillion naira they reflect a substantial 51.72 percent increase from the 4.62 trillion naira recorded in Q3 2024.
Total merchandise trade rose to 38.94 trillion naira in Q3 2025, 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, amounting to 22.81 trillion naira, while imports stood at 16.12 trillion naira (41.41 percent). The trade balance remained positive at 6.69 trillion naira, despite a 10.36 percent decline from the previous quarter.
Europe remained Nigeria’s largest export market, receiving goods worth 8.71 trillion naira (38.16 percent of total exports), primarily crude oil. Asia followed with 6.40 trillion naira, and Africa accounted for 4.90 trillion naira, 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 naira.
The data also highlight the country’s reliance on oil‑driven trade. Non‑oil exports performed less robustly: agricultural exports declined by 11.69 percent year‑on‑year to 786.62 billion naira, and manufactured goods exports fell by 6.03 percent to 978.53 billion naira. This underscores the need for Nigeria to diversify its export base and reduce dependence on crude oil.
Overall, the latest foreign‑trade statistics reinforce the significance of the petroleum sector in Nigeria’s economy, with crude oil exports driving foreign‑exchange earnings. As the country navigates the complexities of the global oil market, exploring opportunities for diversification and growth in non‑oil sectors will be essential for sustainable economic development.
Comments are closed for this story.