Nigeria’s Crude Exports Hit N12.8tn, Oil Trade Drives Q3 External Balance

Nigeria’s Crude Exports Hit N12.8tn, Oil Trade Drives Q3 External Balance

Nigeria’s crude oil exports rose to ₦12.81 trillion in the third quarter of 2025, reinforcing oil’s continued dominance in the country’s external trade, according to the National Bureau of Statistics’ Foreign Trade in Goods Statistics. Crude oil alone accounted for 56.14% of total exports, highlighting the petroleum sector’s central role in foreign exchange earnings. Although crude export value declined slightly year-on-year, it increased quarter-on-quarter, pointing to a recovery in oil export receipts within 2025.

Overall, Nigeria’s total merchandise trade reached ₦38.94 trillion in Q3 2025, reflecting growth both year-on-year and quarter-on-quarter. Exports stood at ₦22.81 trillion, while imports were valued at ₦16.12 trillion, resulting in a trade surplus of ₦6.69 trillion, despite a decline from the previous quarter. Export performance was overwhelmingly driven by mineral products, especially crude oil and petroleum gases, which together accounted for nearly 88% of total exports. Other oil product exports also recorded strong growth compared with the previous year, though they dipped slightly from Q2 levels.

Oil and oil-related products such as natural gas and refined petroleum fuels continued to offset weaknesses in non-oil exports, particularly agriculture. Europe remained Nigeria’s largest export destination, followed by Asia and Africa, with India emerging as the single largest country buyer of Nigerian exports in the quarter. Spain, France, the Netherlands and Italy also featured prominently among the top export destinations.

On the import side, Nigeria’s imports increased to ₦16.12 trillion, with petroleum-related products again playing a major role. Mineral fuels were the largest import category, although imports of other refined oil products declined sharply, suggesting some easing of reliance on imported refined fuels, possibly due to improved local supply or changing demand. China remained Nigeria’s biggest import partner, followed by the United States and India.

Trade with African and ECOWAS countries was also heavily oil-dependent, with crude oil and petroleum products accounting for the bulk of exports to the region, reinforcing Nigeria’s position as a key energy supplier in West Africa. However, the report showed that non-oil exports remained weak, as agricultural and manufactured goods exports both declined year-on-year, underscoring Nigeria’s continued heavy dependence on oil for trade performance.

        This Day, 16 Dec 2025