Crude Oil Dominance Continues As Nigeria Earns ₦12.81trn From Exports In Q3

Data from the National Bureau of Statistics’ Foreign Trade in Goods report showed that crude oil contributed 56.14 per cent of total exports in Q3 2025, reflecting a notable recovery in export receipts within the year. While crude export earnings declined slightly by 4.47 per cent compared with the ₦13.41 trillion recorded in the same quarter of 2024, they rose by 7.03 per cent from the ₦11.97 trillion posted in the second quarter of 2025.

The statistics further underscored the central role of the oil sector in sustaining Nigeria’s foreign exchange inflows. Mineral products, driven largely by crude oil and petroleum gases, were valued at ₦20.01 trillion and accounted for 87.71 per cent of total exports in the quarter under review.

In addition to crude oil, exports of other oil products climbed to ₦7.01 trillion, representing a significant 51.72 per cent increase from ₦4.62 trillion recorded a year earlier, although this figure was 9.42 per cent lower than the ₦7.74 trillion achieved in the preceding quarter.

Overall, Nigeria’s total merchandise trade stood at ₦38.94 trillion in Q3 2025, marking an 8.71 per cent increase year-on-year and a 2.36 per cent rise compared with the previous quarter. Exports accounted for ₦22.81 trillion, or 58.59 per cent of total trade, while imports were valued at ₦16.12 trillion, representing 41.41 per cent. This resulted in a positive trade balance of ₦6.69 trillion, despite a decline of 10.36 per cent from the prior quarter.

The report also revealed that natural gas, petroleum gases in gaseous form, and refined petroleum products such as kerosene-type jet fuel ranked among Nigeria’s leading export commodities.

On a regional basis, Europe remained Nigeria’s largest export destination in the third quarter, absorbing ₦8.71 trillion worth of goods, equivalent to 38.16 per cent of total exports, largely due to crude oil shipments. Asia followed with ₦6.40 trillion or 28.07 per cent, while Africa accounted for ₦4.90 trillion, representing 21.49 per cent of exports, mainly petroleum products supplied to neighbouring countries.

India emerged as Nigeria’s top single export destination with goods valued at ₦2.26 trillion, followed by Spain, France, the Netherlands and Italy. Together, these five countries accounted for 38.34 per cent of total exports during the period.

Oil’s dominance was even more evident in trade with African and ECOWAS countries. Exports to Africa were valued at ₦4.90 trillion, while imports from the continent stood at ₦595 billion. Crude oil exports to Africa alone were worth ₦1.94 trillion, accounting for nearly 40 per cent of the total, followed by motor spirit and gas oil. Within the ECOWAS sub-region, crude oil exports reached ₦1.32 trillion, representing over 42 per cent of Nigeria’s exports to West Africa.

Despite the strong showing of oil-related trade, the data reflected ongoing challenges in diversifying Nigeria’s export base. Agricultural exports declined by 11.69 per cent to ₦786.62 billion, while manufactured goods exports fell by 6.03 per cent to ₦978.53 billion, highlighting persistent weaknesses in non-oil export sectors.