According to the most recent data from the National Bureau of Statistics (NBS), Nigeria made over ₦12.81 trillion from crude oil exports in the third quarter of 2025, highlighting the petroleum sector’s sustained dominance in the nation’s international trade.
Crude oil alone made for 56.14% of Nigeria’s total exports in Q3 2025, according to the NBS’ Foreign Trade in Goods Statistics, suggesting a recovery in oil export earnings during the year.
Crude oil exports increased by 7.03% quarterly compared to ₦11.97 trillion reported in Q2 2025, despite a slight year-over-year fall of 4.47% from ₦13.41 trillion in Q3 2024.
The improvement, according to the NBS, emphasizes how crucial crude oil is to maintaining Nigeria’s foreign exchange profits.
According to the study, mineral products accounted for 87.71 percent of overall exports in the third quarter, with a value of ₦20.01 trillion, mostly driven by petroleum gases and crude oil.
Exports of other oil products increased to ₦7.01 trillion in addition to ₦12.81 trillion for crude oil. This was 9.42 percent less than the ₦7.74 trillion reported in Q2 2025, yet it was a significant 51.72 percent rise over the ₦4.62 trillion recorded in Q3 2024.
Nigeria’s external commerce is heavily influenced by oil and goods related to oil, as demonstrated by a breakdown of the export data.
In Q3 2025, Nigeria’s total merchandise trade was ₦38.94 trillion, up 2.36 percent from Q2 2025 and 8.71 percent from the same quarter in 2024.
With a value of ₦22.81 trillion, exports made up 58.59 percent of all commerce, while imports accounted for 41.41 percent, or ₦16.12 trillion.
Despite a 10.36% decrease from the previous quarter, this led to a positive trade balance of ₦6.69 trillion.
The statistics also revealed that Nigeria’s top export commodities included refined petroleum products including kerosene-type jet fuel, as well as natural gas and other petroleum gasses in a gaseous state.
Export Destinations Lead Europe
In Q3 2025, Europe continued to be Nigeria’s top export destination regionally, taking in ₦8.71 trillion, or 38.16 percent of total exports, mostly from shipments of crude oil.
Asia received ₦6.40 trillion, or 28.07 percent, of the total exports, while Africa received ₦4.90 trillion, or 21.49 percent, primarily petroleum products that were delivered to neighboring countries.
With commodities valued at ₦2.26 trillion, India became Nigeria’s top export destination for the quarter. Spain (1.83 trillion), France (1.66 trillion), the Netherlands (1.54 trillion), and Italy (1.46 trillion) came next.
Together, the five nations contributed 38.34 percent of Nigeria’s total exports during the reviewed period.
Nigeria’s commerce with African and ECOWAS nations was much more dominated by oil.
In Q3 2025, imports from Africa totaled ₦595.00 billion, while exports to the continent totaled ₦4.90 trillion.
Crude and petroleum oils derived from bituminous materials were valued at ₦1.94 trillion, making up 39.57 percent of Nigeria’s exports to Africa. Gas oil at ₦692.08 billion and motor spirit (ordinary) at ₦707.05 billion came next.
Crude oil exports alone were valued at ₦1.32 trillion inside the ECOWAS subregion, accounting for 42.14 percent of Nigeria’s overall exports to West Africa.
The results demonstrated that oil continued to solidify Nigeria’s position as the sub-region’s main energy source, along with gas oil and other petroleum-based products.
The NBS data showed mixed results for non-oil exports, despite the robust performance of oil and oil-related trade.
Manufactured goods exports decreased by 6.03 percent to ₦978.53 billion, while agricultural exports decreased by 11.69 percent year over year to ₦786.62 billion, demonstrating ongoing difficulties in diversifying Nigeria’s export base beyond crude oil.
