Nigeria generated approximately ₦12.81 trillion from crude oil exports in the third quarter of 2025, reaffirming the petroleum sector’s dominance in the country’s foreign trade, according to the latest figures released by the National Bureau of Statistics (NBS).
Data from the NBS Foreign Trade in Goods Statistics showed that crude oil accounted for 56.14 per cent of Nigeria’s total exports in Q3 2025, reflecting a recovery in oil export earnings during the year.
While the value of crude exports dipped slightly by 4.47 per cent year-on-year from ₦13.41 trillion recorded in Q3 2024, it increased by 7.03 per cent on a quarter-on-quarter basis from ₦11.97 trillion in Q2 2025.
The NBS said the improvement further underscores crude oil’s pivotal role in sustaining Nigeria’s foreign exchange inflows.
Overall, mineral products—largely driven by crude oil and petroleum gases—were valued at ₦20.01 trillion, representing 87.71 per cent of total exports in the third quarter.
Beyond crude oil, exports of other oil products climbed to ₦7.01 trillion, marking a 51.72 per cent rise from ₦4.62 trillion in Q3 2024, though 9.42 per cent lower than the ₦7.74 trillion recorded in Q2 2025.
The breakdown of export data highlighted the overwhelming influence of oil and oil-related commodities in Nigeria’s external trade.
Total merchandise trade stood at ₦38.94 trillion in Q3 2025, an 8.71 per cent increase year-on-year and a 2.36 per cent rise compared with the previous quarter.
Exports accounted for 58.59 per cent of total trade at ₦22.81 trillion, while imports represented 41.41 per cent, valued at ₦16.12 trillion. This produced a trade surplus of ₦6.69 trillion, despite a 10.36 per cent decline from the preceding quarter.
The report also noted that natural gas and other petroleum gases, along with refined petroleum products such as kerosene-type jet fuel, ranked among Nigeria’s top export items during the period.
Europe Leads Export Destinations
Europe remained Nigeria’s largest export destination in Q3 2025, absorbing ₦8.71 trillion or 38.16 per cent of total exports, largely due to crude oil shipments.
Asia followed with ₦6.40 trillion, accounting for 28.07 per cent, while Africa received ₦4.90 trillion, representing 21.49 per cent of total exports, much of which comprised petroleum products supplied to neighbouring countries.
India emerged as Nigeria’s biggest single export market during the quarter, with exports valued at ₦2.26 trillion. Spain followed with ₦1.83 trillion, France ₦1.66 trillion, the Netherlands ₦1.54 trillion, and Italy ₦1.46 trillion. Together, these five countries accounted for 38.34 per cent of Nigeria’s total exports.
Oil’s dominance was even more evident in trade with African and ECOWAS countries.
Exports to Africa amounted to ₦4.90 trillion in Q3 2025, while imports from the continent stood at ₦595.00 billion.
Crude petroleum oils were valued at ₦1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to Africa, followed by motor spirit (ordinary) at ₦707.05 billion and gas oil at ₦692.08 billion.
Within the ECOWAS region, crude oil exports alone were valued at ₦1.32 trillion, representing 42.14 per cent of Nigeria’s total exports to West Africa. Alongside gas oil and other petroleum-based products, the figures reaffirmed Nigeria’s role as the region’s leading energy supplier.
Despite the strong performance of oil-related trade, the NBS data revealed a mixed outlook for non-oil exports. Agricultural exports declined by 11.69 per cent year-on-year to ₦786.62 billion, while manufactured goods exports fell by 6.03 per cent to ₦978.53 billion, highlighting ongoing challenges in diversifying Nigeria’s export base beyond crude oil.
