Nigeria’s crude oil exports have surged to N37.7 trillion in the first nine months of the year.
This is according to the Q3 2025 Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
The figure covers January to September 2025, a period of relatively stable oil export performance despite global market volatility.
What the data is saying
Quarterly data published on NBS website show that crude oil export receipts were largely stable across the period:
- Q1 2025: N12.96 trillion
- Q2 2025: N11.97 trillion
- Q3 2025: N12.81 trillion
Combined, the figures amount to N37.73 trillion in crude oil export earnings between January and September 2025, with no major fluctuations recorded.
Context and trend behind the numbers
NBS data show Nigeria’s crude oil export earnings have steadily risen over five years, driven by prices, exchange rates, and export gains.
According to the data, Nigeria earned N9.44 trillion from crude oil exports in 2020, rising to N14.41 trillion in 2021.
Export earnings climbed further to N21.10 trillion in 2022 and N29.00 trillion in 2023, according to NBS.
The trend peaked in 2024, with crude oil export revenues hitting N55.29 trillion, the highest in five years, setting a benchmark for 2025.
However, higher revenues have not been translated into stronger profitability.
Nairametrics’ review shows Nigeria’s crude oil and gas profit fell by N824.66 billion to N1.08 trillion in 2024 from N1.90 trillion in 2023.
Meanwhile, non-oil exports surged, hitting a record N9.2 trillion in the first nine months of 2025, up 48% year on year.
For comparison, total non-oil exports stood at N3.1 trillion for the whole of 2023 and N9.1 trillion in 2024.
Despite this growth, non-oil goods accounted for only 12–14% of monthly exports in Q3 2025, with oil and gas still dominating Nigeria’s export earnings.
What this means
The data reinforces Nigeria’s continued dependence on crude oil as the backbone of its foreign exchange earnings and external trade position.
Earning N37.73 trillion in nine months shows oil remains Nigeria’s key FX source, stabilizing currency and government revenue.
Stable quarterly performance suggests short-term resilience in oil export receipts, supported by prices and export volumes.
However, the sharp decline in oil and gas profits despite rising revenues highlights structural cost and efficiency challenges in the sector.
While non-oil exports are growing rapidly, they remain insufficient to significantly alter Nigeria’s balance of payments, leaving the economy highly vulnerable to oil price shocks.
