Nigeria generated about ₦12.81 trillion from crude oil exports in the third quarter of 2025, further reinforcing the petroleum sector’s central role in the country’s foreign trade and foreign exchange earnings, according to the National Bureau of Statistics (NBS).
Data from the NBS Foreign Trade in Goods Statistics revealed that crude oil alone accounted for 56.14 per cent of Nigeria’s total exports during the period, signalling a notable rebound in oil export receipts within the year. Although crude oil export earnings declined marginally by 4.47 per cent year-on-year from ₦13.41 trillion in Q3 2024, they rose by 7.03 per cent quarter-on-quarter compared with ₦11.97 trillion recorded in Q2 2025.
Beyond crude oil, exports of other oil products rose sharply to ₦7.01 trillion, representing a 51.72 per cent increase from ₦4.62 trillion in Q3 2024, despite being 9.42 per cent lower than the ₦7.74 trillion recorded in the preceding quarter. Altogether, mineral products—driven largely by crude oil and petroleum gases—were valued at ₦20.01 trillion, accounting for 87.71 per cent of total exports in the quarter.
Nigeria’s total merchandise trade stood at ₦38.94 trillion in Q3 2025, reflecting an 8.71 per cent increase compared with the same period in 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 41.41 per cent, valued at ₦16.12 trillion. This resulted in a positive trade balance of ₦6.69 trillion, although the surplus declined by 10.36 per cent from the previous quarter.
The export profile further showed that natural gas and other petroleum gases, alongside refined petroleum products such as kerosene-type jet fuel, ranked among Nigeria’s leading export commodities. Collectively, oil and oil-related products continued to drive export growth, compensating for weaker performance in several non-oil segments.
Regionally, Europe remained Nigeria’s largest export destination, absorbing ₦8.71 trillion, or 38.16 per cent of total exports, largely due to crude oil shipments. Asia followed with ₦6.40 trillion (28.07 per cent), while Africa accounted for ₦4.90 trillion (21.49 per cent), much of which consisted of petroleum products supplied to neighbouring countries.
On a country-by-country basis, India emerged as Nigeria’s single largest export destination in Q3 2025, with exports 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). Together, these five countries accounted for 38.34 per cent of Nigeria’s total exports during the quarter.
The dominance of oil was even more pronounced in trade with African and ECOWAS countries. Exports to Africa stood at ₦4.90 trillion, compared with imports of ₦595.00 billion from the continent. Crude petroleum exports to Africa were valued at ₦1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to the region. Within ECOWAS, crude oil exports alone amounted to ₦1.32 trillion, representing 42.14 per cent of Nigeria’s total exports to the sub-region, reinforcing the country’s role as a key energy supplier within West Africa.
However, the NBS data also highlighted lingering structural weaknesses in Nigeria’s export base. 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, underscoring the continued challenge of diversifying exports and strengthening non-oil sectors, particularly for small and medium-sized enterprises seeking to expand Nigeria’s export footprint beyond oil.
