Oil Powers Nigeria’s Exports As Crude Rakes In ₦12.81 Trillion In Q3

Nigeria earned about ₦12.81 trillion from crude oil exports in the third quarter of 2025, underscoring the continued dominance of the petroleum sector in the country’s foreign trade, according to the latest data from the National Bureau of Statistics (NBS).

According to the NBS’ Foreign Trade in Goods Statistics, crude oil alone accounted for 56.14 per cent of Nigeria’s total exports in Q3 2025, pointing to a rebound in oil export receipts within the year.

Although the value of crude oil exports declined marginally by 4.47 per cent year-on-year from ₦13.41 trillion recorded in Q3 2024, it rose by 7.03 per cent quarter-on-quarter compared with ₦11.97 trillion posted in Q2 2025.

The NBS noted that the improvement further highlights the central role of crude oil in sustaining Nigeria’s foreign exchange earnings.

The report showed that mineral products, largely driven by crude oil and petroleum gases, were valued at ₦20.01 trillion, accounting for 87.71 per cent of total exports in the third quarter.

In addition to crude oil exports of ₦12.81 trillion, other oil product exports surged to ₦7.01 trillion. This represented a sharp 51.72 per cent increase compared with ₦4.62 trillion recorded in Q3 2024, although it was 9.42 per cent lower than the ₦7.74 trillion reported in Q2 2025.

A breakdown of the export figures underscored the overwhelming influence of oil and oil-related commodities in Nigeria’s external trade.

Nigeria’s total merchandise trade stood at ₦38.94 trillion in Q3 2025, representing an 8.71 per cent increase compared with the corresponding quarter of 2024 and a 2.36 per cent rise from Q2 2025.

Exports accounted for 58.59 per cent of total trade, valued at ₦22.81 trillion, while imports made up the remaining 41.41 per cent at ₦16.12 trillion.

This resulted in a positive trade balance of ₦6.69 trillion, despite a 10.36 per cent decline compared with the preceding quarter.

The data also showed that natural gas and other petroleum gases in a gaseous state, alongside refined petroleum products such as kerosene-type jet fuel, featured prominently among Nigeria’s leading export commodities.

Europe Tops Export Destinations

Regionally, Europe remained Nigeria’s largest export destination in Q3 2025, absorbing ₦8.71 trillion or 38.16 per cent of total exports, largely driven by crude oil shipments.

Asia followed with ₦6.40 trillion, accounting for 28.07 per cent, while Africa received ₦4.90 trillion or 21.49 per cent of total exports, much of which comprised petroleum products supplied to neighbouring countries.

India emerged as Nigeria’s single largest export destination during the quarter, with goods valued at ₦2.26 trillion. This was followed by Spain (₦1.83 trillion), France (₦1.66 trillion), the Netherlands (₦1.54 trillion) and Italy (₦1.46 trillion).

Collectively, the five countries accounted for 38.34 per cent of Nigeria’s total exports in the period under review.

The dominance of oil was even more pronounced in Nigeria’s trade with African and ECOWAS countries.

Exports to Africa stood at ₦4.90 trillion in Q3 2025, while imports from the continent were valued at ₦595.00 billion.

Petroleum oils and oils obtained from bituminous minerals, crude, were valued at ₦1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to Africa. This was followed by motor spirit (ordinary) at ₦707.05 billion and gas oil at ₦692.08 billion.

Within the ECOWAS sub-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 showed that oil continued to cement Nigeria’s role as the primary energy supplier within the sub-region.

Despite the strong performance of oil and oil-related trade, the NBS data painted a mixed picture for non-oil exports.

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, indicating continued challenges in diversifying Nigeria’s export base beyond crude oil.