Nigeria generated about N12.81 trillion from crude oil exports in the third quarter of 2025, data from the National Bureau of Statistics (NBS) has shown.
According to the latest Foreign Trade in Goods Statistics, crude oil accounted for 56.14% of the country’s total exports during the period, pointing to a recovery in oil export earnings within the year.
While crude oil export value dipped by 4.47% year-on-year from N13.41 trillion recorded in Q3 2024, it rose by 7.03% compared with N11.97 trillion in Q2 2025.
The increase further reinforces the petroleum sector’s dominance in Nigeria’s foreign exchange earnings.
Exports of mineral products, driven largely by crude oil and petroleum gases, were valued at N20.01 trillion, representing 87.71% of total exports in Q3 2025.
Other oil-related exports stood at N7.01 trillion, in addition to crude oil earnings of N12.81 trillion.
This marked a significant 51.72% increase from N4.62 trillion recorded in Q3 2024, although it was 9.42% lower than the N7.74 trillion posted in the preceding quarter.
Overall trade figures further highlighted the weight of oil in Nigeria’s export profile. Total merchandise trade rose to N38.94 trillion in Q3 2025, reflecting an 8.71% increase year-on-year and a 2.36% rise from Q2 2025.
Exports accounted for 58.59% of total trade at N22.81 trillion, while imports stood at N16.12 trillion, or 41.41%. The trade balance remained positive at N6.69 trillion, despite declining by 10.36% from the previous quarter.
Natural gas, other petroleum gases in gaseous form, and refined petroleum products such as kerosene-type jet fuel also ranked among Nigeria’s major export items, helping to offset weaker performance in some non-oil sectors, especially agriculture.
Europe remained Nigeria’s largest export market, receiving goods worth N8.71 trillion, which represented 38.16% of total exports, largely due to crude oil shipments.
Asia followed with N6.40 trillion (28.07%), while Africa accounted for N4.90 trillion, or 21.49%, mainly petroleum products supplied to neighbouring countries.
India emerged as Nigeria’s top single export destination in Q3 2025 with imports valued at N2.26 trillion.
Spain followed with N1.83 trillion, France with N1.66 trillion, the Netherlands with N1.54 trillion, and Italy with N1.46 trillion. Together, these five countries accounted for 38.34% of total exports.
Oil’s dominance was even more evident in trade with Africa and the ECOWAS sub-region. Exports to Africa stood at N4.90 trillion, compared with imports of N595.00 billion.
Crude petroleum oils were valued at N1.94 trillion, making up 39.57% of Nigeria’s exports to the continent, followed by motor spirit at N707.05 billion and gas oil at N692.08 billion.
Within ECOWAS, crude oil exports alone were worth N1.32 trillion, accounting for 42.14% of total exports to the sub-region, further positioning Nigeria as West Africa’s leading energy supplier.
However, the NBS data showed a less robust performance from non-oil exports.
Agricultural exports declined by 11.69% year-on-year to N786.62 billion, while manufactured goods exports fell by 6.03% to N978.53 billion, underscoring Nigeria’s continued reliance on oil-driven trade.
