Nigeria generated approximately ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to data from the National Bureau of Statistics (NBS).
The Bureau’s latest ‘Foreign Trade in Goods Statistics’ report noted that crude oil alone contributed 56.14 per cent of the country’s total exports in Q3 2025, highlighting a rebound in oil export receipts within the year.
Although crude oil export values fell slightly by 4.47 per cent year-on-year from ₦13.41 trillion in Q3 2024, they rose by 7.03 per cent compared with ₦11.97 trillion recorded in Q2 2025. This reflects the enduring importance of the petroleum sector to Nigeria’s foreign exchange earnings.
Mineral products, primarily 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-related product exports surged to ₦7.01 trillion, in addition to crude oil exports of ₦12.81 trillion. This represented a significant 51.72 per cent increase from ₦4.62 trillion in Q3 2024, though it was 9.42 per cent lower than the ₦7.74 trillion recorded in Q2 2025.
A detailed breakdown of the data underscores the dominant role of oil and oil-related commodities in Nigeria’s trade.
Nigeria’s total merchandise trade reached ₦38.94 trillion in Q3 2025, marking an 8.71 per cent increase year-on-year and a 2.36 per cent rise quarter-on-quarter. Exports accounted for 58.59 per cent of total trade, valued at ₦22.81 trillion, while imports made up 41.41 per cent, valued at ₦16.12 trillion, resulting in a positive trade balance of ₦6.69 trillion despite a 10.36 per cent decline compared with the previous quarter.
Natural gas and other petroleum gases, along with refined petroleum products such as kerosene-type jet fuel, remained among Nigeria’s top export commodities. Collectively, oil and related products sustained export growth, offsetting declines in some non-oil sectors, particularly agricultural exports.
Regionally, Europe remained Nigeria’s largest export destination, receiving ₦8.71 trillion (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 (21.49 per cent), mainly 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). Together, these five countries represented 38.34 per cent of total exports.
The prominence of oil was even more visible in trade with African and ECOWAS countries. Exports to Africa stood at ₦4.90 trillion, while imports from the continent totaled ₦595.00 billion. Petroleum oils obtained from bituminous minerals, crude, were valued at ₦1.94 trillion, representing 39.57 per cent of Nigeria’s exports to Africa, 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, accounting for 42.14 per cent of Nigeria’s total exports to the sub-region. Alongside gas oil and other petroleum products, oil continues to cement Nigeria’s role as a primary energy supplier in West Africa.
However, NBS data also highlighted a mixed performance for non-oil exports. Agricultural exports fell 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.