Nigeria recorded a 21% growth in gas exports in 2025, rising to $10.51 billion from $8.66 billion recorded in 2024.
This is according to the latest Balance of Payments (BOP) report released by the Central Bank of Nigeria (CBN).
The figures highlight the continued dominance of oil and gas in Nigeria’s external sector while signaling early structural shifts, as refined petroleum exports begin to contribute meaningfully to the country’s export mix.
What the report is saying
The BOP report shows growth across Nigeria’s hydrocarbon exports, driven largely by gas and refined petroleum products.
- Total exports of crude oil, natural gas, and refined petroleum products rose from $45.51 billion in 2024 to $48.17 billion in 2025.
- Gas export earnings increased by 21.36 per cent to $10.51 billion.
- Refined petroleum exports stood at $6.13 billion, marking a shift in Nigeria’s traditional trade structure.
- Nigeria’s Balance of Payments (BoP) surplus fell to $4.23 billion in 2025.
- The figures show mixed performance across the current account, financial account, and income balances, reflecting both improvements in export composition and rising external obligations during the year.
- The goods account posted a surplus of $14.51 billion, up from $13.17 billion in 2024.
- The growth reflects improved performance across multiple segments of the oil and gas value chain.
The data suggests a gradual evolution in Nigeria’s export structure, with increasing contributions from value-added petroleum products.
More insights
Nigeria’s external sector has historically been dominated by crude oil exports, with limited domestic refining capacity.
- For decades, the country exported crude oil while relying heavily on imports of refined petroleum products.
- The emergence of refined exports is linked to the operational ramp-up of the Dangote Refinery.
- Oil and gas have remained the primary source of foreign exchange earnings for the economy.
- This structural dependence has left Nigeria vulnerable to global oil price volatility.
The addition of refined petroleum exports signals early progress toward downstream integration and improved value retention within the domestic economy.
What you should know
Gas is increasingly becoming a strategic pillar in Nigeria’s energy and economic planning, supported by policy initiatives and rising global demand.
- Gas export earnings growth underscores its role as a stabilising source of external revenue.
- The Nigerian Upstream Petroleum Regulatory Commission has introduced a Gas Development Roadmap targeting over 55 trillion cubic feet of uncommitted gas reserves.
- The initiative aims to attract investments across upstream, midstream, and downstream gas infrastructure.
- Recently, Nairametrics reported that non-oil exports also rose to N12.36 trillion in 2025, driven by agriculture, manufacturing, and solid minerals.
- The figure represents a sharp increase from N9.09 trillion recorded in 2024, highlighting stronger export performance outside the country’s oil sector.
Despite this progress, non-oil exports continue to lag significantly behind hydrocarbons in terms of foreign exchange contribution.
