Nigeria’s crude oil exports plunged by N3.18 trillion in the first half of 2025, underlining the country’s continued struggles with output levels and global market shifts.
Data from the foreign trade statistics report by the National Bureau of Statistics (NBS) show crude oil exports fell to N24.92 trillion in H1 2025, compared to N28.10 trillion in the same period of 2024 and 11.3% decline in value.
Further analysis showed that in Q1 2025, crude oil exports were valued at N12.96 trillion, but this dropped further to N11.97 trillion in Q2. Crude’s share of total exports slid to 52.6% in Q2 2025, down sharply from 71.2% in Q2 2024. This marks a significant erosion of oil’s dominance in Nigeria’s external trade.
As crude still the main source of government revenue, the decline poses fiscal risks even as total exports grow.
Non-crude exports on the rise
While crude exports weakened, non-crude categories surged. Non-crude exports more than doubled year-on-year, rising from N8.79 trillion in H1 2024 to N18.43 trillion in H1 2025.
Within this, non-oil exports — such as agricultural goods and solid minerals — held steady at just above N3 trillion across both quarters of 2025.
The biggest gains came from refined petroleum products and semi-processed goods, which helped push the share of non-crude exports to 41% of total exports in H1 2025, compared to 24% a year earlier.
Trade surplus strengthens despite oil export decline
Despite the N3.18 trillion fall in crude exports, Nigeria posted a stronger trade surplus in H1 2025. Total exports stood at N43.35 trillion, while imports were N30.71 trillion, leaving a surplus of N12.64 trillion — a 54.6% jump from the N8.17 trillion recorded in H1 2024.
Exports as a share of total trade rose from 55.9% in Q2 2024 to 59.8% in Q2 2025, highlighting how buoyant non-crude exports offset the oil slump. Imports, meanwhile, dipped slightly by 0.9% in Q2, after a 7% decline in Q1, further supporting the trade balance.
What you should know
Nairametrics earlier reported that Nigeria spent a total of N4 trillion on fuel imports in the first six months of 2025.
- According to the National Bureau of Statistics (NBS) figures, the country spent N2.3 trillion on fuel imports in Q2 2025, following N1.76 trillion recorded in Q1. This brings the half-year total to N4 trillion.
- For perspective, in the whole of 2024, Nigeria reported N15.4 trillion in fuel import bills, a figure that strained foreign reserves and contributed significantly to naira volatility.
- Also, Nigeria recorded an upswing in its external trade position in the second quarter of 2025, as the country’s trade surplus widened by 44.3% to N7.46 trillion, up from N5.17 trillion in the previous quarter.
Nigeria’s total exports stood at N22.75 trillion in Q2, a 10.5% increase from Q1 and 28.4% higher than the same period in 2024. Imports, by contrast, slipped marginally by 0.9% quarter-on-quarter to N15.29 trillion. This dynamic created the wider surplus that has boosted Nigeria’s external account.
It means Dangote refinery is buying the crude and has very little to do with crude, you’re supposed to be an investigative platform.. do your research before posting articles