Nigeria earned about ₦12.81 trillion from crude oil exports in the third quarter of this year, according to data from the National Bureau of Statistics (NBS).
The latest ‘Foreign Trade in Goods Statistics’ released by the Bureau noted that crude oil alone accounted for 56.14 per cent of the country’s total exports in Q3 2025, signalling a rebound in oil export receipts within the year.
Although the value of crude oil exports declined slightly by 4.47 per cent year-on-year from ₦13.41 trillion recorded in Q3 2024, it rose by 7.03 per cent quarter-on-quarter compared with ₦11.97 trillion in Q2 2025.
The upward movement underlines the continued centrality of the petroleum sector to foreign exchange earnings.
Mineral products, largely driven by crude oil and petroleum gases, were valued at ₦20.01 trillion, accounting for 87.71 per cent of total exports in Q3 2025.
Other oil product exports surged to ₦7.01 trillion in addition to crude oil exports of ₦12.81 trillion, representing a sharp 51.72 per cent increase compared with ₦4.62 trillion in Q3 2024, although this was 9.42 per cent lower than the ₦7.74 trillion recorded in Q2 2025.
A breakdown of export data highlighted the overwhelming influence of oil and oil-related commodities.
Nigeria’s total merchandise trade stood at ₦38.94 trillion in Q3 2025, representing an 8.71 per cent increase compared with the corresponding quarter of 2024 and a 2.36 per cent rise from Q2 2025.
Besides, exports accounted for 58.59 per cent of total trade, valued at ₦22.81 trillion, while imports made up the remaining 41.41 per cent, valued at ₦16.12 trillion. This resulted in a positive trade balance of ₦6.69 trillion, despite a 10.36 per cent decline compared with the preceding quarter.
Natural gas and other petroleum gases in a gaseous state, alongside refined petroleum products such as kerosene-type jet fuel, also featured prominently among Nigeria’s leading export commodities.
Collectively, oil and oil-related products continued to underpin export growth, offsetting declines in some non-oil segments, particularly agricultural exports.
In regional terms, Europe remained Nigeria’s largest export destination, absorbing ₦8.71 trillion or 38.16 per cent of total exports, largely driven by crude oil shipments.
Asia followed with ₦6.40 trillion (28.07 per cent), while Africa accounted for ₦4.90 trillion or 21.49 per cent of total exports, much of which comprised petroleum products supplied to neighbouring countries.
India emerged as Nigeria’s single largest export destination in Q3 2025, with goods valued at ₦2.26 trillion, followed by Spain (₦1.83 trillion), France (₦1.66 trillion), the Netherlands (₦1.54 trillion), and Italy (₦1.46 trillion).
These five countries collectively accounted for 38.34 per cent of total exports.
READ ALSO: Visa Fraud Has Serious Consequences, US Warns Nigerians
The dominance of oil was even more pronounced in Nigeria’s trade with African and ECOWAS countries. Exports to Africa stood at ₦4.90 trillion in Q3 2025, while imports from the continent were ₦595.00 billion.
Petroleum oils and oils obtained from bituminous minerals, crude, were valued at ₦1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to Africa.
This was followed by motor spirit (ordinary) at ₦707.05 billion and gas oil at ₦692.08 billion.
Within ECOWAS, crude oil exports alone were valued at ₦1.32 trillion, representing 42.14 per cent of Nigeria’s total exports to the sub-region.
Alongside gas oil and other petroleum-based products, oil continued to cement Nigeria’s role as the primary energy supplier within West Africa.
The NBS data, however, indicated that while oil and oil-related trade posted strong numbers, non-oil exports painted a mixed picture, with agricultural exports falling by 11.69 per cent year-on-year to ₦786.62 billion, while manufactured goods exports declined by 6.03 per cent to ₦978.53 billion.
