FG earns ₦12.81tn from crude oil exports in Q3 – NBS

Nigeria generated about ₦12.81 trillion from crude oil exports in the third quarter of 2025, data from the National Bureau of Statistics has shown.

According to the latest Foreign Trade in Goods Statistics, crude oil accounted for 56.14 per cent of the country’s total exports during the period, pointing to a recovery in oil export earnings within the year.

While crude oil export value dipped 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 increase further reinforces the petroleum sector’s dominance in Nigeria’s foreign exchange earnings.

Exports of mineral products, driven largely by crude oil and petroleum gases, were valued at ₦20.01 trillion, representing 87.71 per cent of total exports in Q3 2025.

Other oil-related exports stood at ₦7.01 trillion, in addition to crude oil earnings of ₦12.81 trillion.

This marked a significant 51.72 per cent increase from ₦4.62 trillion recorded in Q3 2024, although it was 9.42 per cent lower than the ₦7.74 trillion posted in the preceding quarter.

Overall trade figures further highlighted the weight of oil in Nigeria’s export profile. Total 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 Q2 2025.

Exports accounted for 58.59 per cent of total trade at ₦22.81 trillion, while imports stood at ₦16.12 trillion, or 41.41 per cent. The trade balance remained positive at ₦6.69 trillion, despite declining by 10.36 per cent from the previous quarter.

Natural gas, other petroleum gases in gaseous form, and refined petroleum products such as kerosene-type jet fuel also ranked among Nigeria’s major export items, helping to offset weaker performance in some non-oil sectors, especially agriculture.

Europe remained Nigeria’s largest export market, receiving goods worth ₦8.71 trillion, which represented 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, or 21.49 per cent, mainly petroleum products supplied to neighbouring countries.

India emerged as Nigeria’s top single export destination in Q3 2025 with imports valued at ₦2.26 trillion.

Spain followed with ₦1.83 trillion, France with ₦1.66 trillion, the Netherlands with ₦1.54 trillion, and Italy with ₦1.46 trillion. Together, these five countries accounted for 38.34 per cent of total exports.

Oil’s dominance was even more evident in trade with Africa and the ECOWAS sub-region. Exports to Africa stood at ₦4.90 trillion, compared with imports of ₦595.00 billion.

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

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

However, the NBS data showed a less robust performance from 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, underscoring Nigeria’s continued reliance on oil-driven trade.