Nigeria recorded ₦12.81 trillion as revenue from crude oil exports in the third quarter (Q3) of 2025. This is according to the National Bureau of Statistics (NBS) Foreign Trade Statistics report for Q3 2025, released last week.
The report revealed that crude oil exports accounted for 56.14 per cent of total exports.
The NBS data shows that crude oil remained Nigeria’s major exported commodity in the third quarter of 2025. Non-crude oil exports (including other oil products like gas and non-oil products) were valued at ₦10 trillion, accounting for 43.86 per cent of total exports. Out of this, non-oil products contributed ₦2.99 trillion or 13.14 per cent of total exports.
Although crude oil exports decreased by 4.47 percent year on year when compared to ₦13.41 trillion in Q3 2024, it increased by 7.03 percent on a quarter-on-quarter basis to ₦11.97 trillion in Q2 2025.
Mineral products accounted for 87.71 per cent of total exports in Q3 2025, valued at ₦20.01 trillion, mostly due to crude oil and petroleum gases.
Pinnacle Daily reports that Nigeria recorded ₦38.93 trillion as total trade in Q3 2025. This represents an increase of 8.71 per cent from the value of ₦35,818.35 billion recorded in the corresponding period of 2024 and an increase of 2.36 per cent compared to the value recorded in the preceding quarter (₦38,037.52 billion).
Out of the total trade, exports were valued at ₦22.814 trillion (58.59 per cent) while imports were valued at ₦16.123 trillion (1.41 per cent). The country therefore recorded a trade balance (surplus) of ₦6.691 trillion in the period under review. This shows exports exceeded imports, though the surplus narrowed from the previous quarter by a 10.32 per cent from the ₦7.46 trillion recorded in Q2 2025.
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While the data highlights a continued economic reliance on crude oil, it also reveals a mixed outcome for non-oil exports. The report shows that agricultural exports dropped by 11.69 per cent year-on-year to ₦786.62 billion, while manufactured goods exports fell by 6.03 per cent to ₦978.53 billion.
Top Export Partners
Nigeria’s top five trading export partners in Q3 2025 were India (₦2.26 trillion), Spain (₦1.83 trillion), France (₦1.66 trillion), the Netherlands (₦1.54 trillion), and Italy (₦1.46 trillion).
Together, these five countries accounted for 38.34 per cent of Nigeria’s total exports.
The data shows that Europe remained Nigeria’s largest export destination, receiving ₦8.71 trillion (38.16 per cent) of total exports, primarily due to crude oil shipments.
Asia accounted for ₦6.40 trillion (28.07 per cent) of overall exports, while Africa accounted for ₦4.90 trillion (21.49 per cent), with petroleum products primarily provided to neighboring countries.
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India was Nigeria’s greatest export destination in Q3 2025, followed by Spain, France, the Netherlands and Italy.
Persisting Oil Export Dominance
Beyond the numbers, two critical and somewhat paradoxical trends stand out: Continued Heavy Reliance on Oil and local refining challenge.
Despite the government’s diversification efforts, the oil sector’s share of total exports remains very high. When combined with other oil products like natural gas, the broader mineral products sector accounted for 87.71 per cent of all export earnings in Q3 2025.
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Nigeria remains a major crude oil exporter while simultaneously importing crude oil and refined products. Data shows Nigeria’s imports of crude oil from the United States surged by 153 per cent in the first nine months of 2025. This is largely to feed new domestic refineries, like the Dangote refinery, which have faced challenges sourcing enough crude locally due to producers’ preference for dollar-paying international buyers.
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While the ₦12.8 trillion figure reaffirms crude oil’s central role in Nigeria’s economy and trade surplus, there are concerns that this dependence, coupled with the ongoing need to import crude for domestic refining, point to persisting vulnerability.
Experts have emphasised that true economic resilience will depend on successfully addressing domestic refining challenges and achieving meaningful growth in non-oil export sectors.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
