Nigeria crude oil exports reached ₦12.81 trillion in Q3 2025, driving the country’s trade and boosting petroleum sector dominance

Nigeria generated ₦12.81 trillion from crude oil exports in the third quarter of 2025, the National Bureau of Statistics (NBS) reported, underscoring the sector’s dominance in the country’s foreign trade.

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The latest Foreign Trade in Goods Statistics revealed that crude oil accounted for 56.14 per cent of Nigeria’s total exports during the period. Although this represented a 4.47 per cent decline from ₦13.41 trillion in Q3 2024, it marked a 7.03 per cent increase from ₦11.97 trillion in Q2 2025.

Exports of mineral products, largely crude oil and petroleum gases, were valued at ₦20.01 trillion, or 87.71 per cent of total exports. Other oil-related exports stood at ₦7.01 trillion, contributing to a 51.72 per cent year-on-year increase from ₦4.62 trillion in Q3 2024, despite a 9.42 per cent decline from the preceding quarter.

Total merchandise trade rose to ₦38.94 trillion, reflecting an 8.71 per cent increase year-on-year and a 2.36 per cent rise from Q2 2025. Exports accounted for ₦22.81 trillion, or 58.59 per cent of trade, while imports were valued at ₦16.12 trillion.

The trade balance remained positive at ₦6.69 trillion, although it declined by 10.36 per cent from the previous quarter.

Europe remained Nigeria’s largest export market, importing goods worth ₦8.71 trillion, representing 38.16 per cent of total exports, mainly crude oil shipments. Asia followed with ₦6.40 trillion, while Africa accounted for ₦4.90 trillion, with petroleum products supplied to neighbouring countries. India emerged as the top single export destination at ₦2.26 trillion, followed by Spain, France, the Netherlands, and Italy.

Crude oil exports to the ECOWAS sub-region alone were valued at ₦1.32 trillion, making up 42.14 per cent of regional exports and reaffirming Nigeria’s position as West Africa’s leading energy supplier.

Despite robust oil earnings, non-oil exports underperformed. Agricultural exports fell by 11.69 per cent year-on-year to ₦786.62 billion, while manufactured goods exports declined by 6.03 per cent to ₦978.53 billion, highlighting the country’s continued dependence on petroleum-driven trade.

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The NBS data demonstrates the critical role of the petroleum sector in sustaining Nigeria’s foreign exchange earnings and overall trade balance, even as policymakers advocate for greater diversification to strengthen non-oil exports.