Nigeria earns $2.21bn from U.S crude oil exports in seven months

Nigeria earned $2.21bn from crude oil exports to the United States between January and July 2025, fresh figures from the US Census Bureau and Bureau of Economic Analysis have shown.

During the period, Nigeria shipped 28.7 million barrels of crude, maintaining its position as America’s largest African supplier ahead of Libya, Angola, and Ghana.

On a customs basis, which reflects the price at the point of export, the shipments were valued at $2.16bn, while on a Cost, Insurance and Freight (CIF) basis, which includes transportation costs, the figure rose slightly to $2.21bn.

Despite this lead, the numbers marked a sharp year-on-year drop.

In the same period of 2024, Nigeria exported 31.5 million barrels worth $2.78bn on a customs basis and $2.83bn on CIF, representing an 8.8 per cent decline in volume and a 22 per cent fall in dollar value. Analysts link the trend to weaker oil prices and inconsistent shipment volumes.

Monthly data revealed wide fluctuations. Exports peaked in June 2025 at 6.95 million barrels, valued at $496m on CIF, before plunging in July to 4.4 million barrels worth $336m.

By comparison, other African suppliers earned significantly less.

Libya raked in $729.3m, Angola $426.6m, and Ghana $225.8m.

Altogether, Africa’s exports to the US stood at $3.82bn, with Nigeria accounting for more than half.

The development comes amid a broader slump in Nigeria’s oil revenues.

Data from the National Bureau of Statistics (NBS) shows crude exports for the first half of 2025 fell by N3.18tn year-on-year, dropping from N28.10tn in H1 2024 to N24.92tn.

The steepest decline occurred in the first quarter, when exports fell 16.3 per cent, while Q2 recorded a milder 5.1 per cent drop.

The figures also highlight crude oil’s shrinking share of total exports.

From 80.8 per cent in Q1 2024, crude fell to 62.9 per cent in Q1 2025, and from 71.2 per cent in Q2 2024 to 52.6 per cent in Q2 2025 — a nearly 19 percentage-point drop across both quarters.

Experts attribute the weaker performance to volatile global oil prices, competition from other suppliers, infrastructural challenges, theft, and vandalism.

They also point to shifts in US energy demand, as domestic shale production reduces reliance on imports.

Industry players, however, commended government efforts to ramp up crude production, citing recent gains in output and curbed oil theft.

“We know that revenue from crude sales is a major source of foreign exchange for the country, and this should be sustained,” said Ukadike Chinedu, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria.

Economists warn that declining oil earnings pose risks to Nigeria’s foreign reserves, the naira, and fiscal stability, underscoring the urgency of diversifying the export base.

For now, Nigeria remains Washington’s top African crude supplier, but the outlook will depend on oil price movements, production stability at home, and the United States’ evolving energy needs.