Oil exports generate ₦12.81trn for FG in Q3 2025 – NBS

Nigeria earned about ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).

The data showed that crude oil remained Nigeria’s dominant export, accounting for 56.14 per cent of total exports during the period, indicating a modest recovery in oil export earnings.

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

The petroleum sector continued to underpin Nigeria’s foreign exchange earnings.

Exports of mineral products, largely crude oil and petroleum gases, were valued at ₦20.01 trillion, representing 87.71 per cent of total exports in the quarter.

In addition to crude oil, other oil-related exports were valued at ₦7.01 trillion, bringing total oil export earnings to ₦19.82 trillion.

This represented a sharp 51.72 per cent increase from ₦4.62 trillion in Q3 2024, though it was 9.42 per cent lower than the ₦7.74 trillion recorded in Q2 2025.

Overall merchandise trade rose to ₦38.94 trillion in Q3 2025, reflecting an 8.71 per cent increase year-on-year and a 2.36 per cent rise from the previous quarter.

Exports accounted for ₦22.81 trillion, or 58.59 per cent of total trade, while imports stood at ₦16.12 trillion (41.41 per cent).

The trade balance remained positive at ₦6.69 trillion, despite a 10.36 per cent decline from Q2 2025.

Other major export items during the quarter included natural gas, other petroleum gases in gaseous form, and refined petroleum products such as kerosene-type jet fuel, which helped cushion weaker performance in non-oil sectors, particularly agriculture.

Europe emerged as Nigeria’s largest export destination, receiving goods worth ₦8.71 trillion, or 38.16 per cent of total exports, largely driven by crude oil shipments.

Asia followed with ₦6.40 trillion (28.07 per cent), while Africa accounted for ₦4.90 trillion, or 21.49 per cent, mainly petroleum products supplied to neighbouring countries.

India was Nigeria’s leading single export destination in Q3 2025, with imports valued at ₦2.26 trillion. It was followed by Spain (₦1.83 trillion), France (₦1.66 trillion), the Netherlands (₦1.54 trillion) and Italy (₦1.46 trillion).

Combined, these five countries accounted for 38.34 per cent of Nigeria’s total exports.

Oil exports also dominated trade with Africa and the ECOWAS sub-region.

Total exports to Africa stood at ₦4.90 trillion, compared with imports of ₦595.00 billion.

Crude petroleum oils alone were valued at ₦1.94 trillion, representing 39.57 per cent of exports to the continent, followed by motor spirit at ₦707.05 billion and gas oil at ₦692.08 billion.

Within ECOWAS, crude oil exports were valued at ₦1.32 trillion, accounting for 42.14 per cent of total exports to the sub-region, reinforcing Nigeria’s position as West Africa’s leading energy supplier.

However, the NBS noted weaker performance in 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, highlighting Nigeria’s continued heavy dependence on oil-driven trade.