Nigeria Earns N37.7tn from Crude Oil Exports in Nine Months

Nigeria generated about ₦37.7 trillion from crude oil exports between January and September 2025, underscoring the commodity’s continued dominance in the country’s external trade and foreign exchange earnings.

Data from the National Bureau of Statistics (NBS), contained in its Q3 2025 Foreign Trade in Goods Statistics, show that oil export receipts remained largely stable across the first three quarters of the year, despite fluctuations in global energy markets.

According to the figures, crude oil exports were valued at ₦12.96 trillion in the first quarter, dipped slightly to ₦11.97 trillion in the second quarter, and rose again to ₦12.81 trillion in the third quarter, bringing total earnings for the nine-month period to ₦37.73 trillion.

The NBS data indicate that Nigeria’s oil export performance has maintained a steady trajectory in recent years, supported by a combination of export volumes, international prices and exchange rate movements. Over the past five years, crude oil export earnings rose from ₦9.44 trillion in 2020 to ₦14.41 trillion in 2021, before climbing further to ₦21.10 trillion in 2022 and ₦29.00 trillion in 2023. The trend peaked in 2024, when oil export receipts reached ₦55.29 trillion, the highest in the period under review.

However, rising export revenues have not translated into proportional profitability within the oil and gas sector. Industry data show that profits from crude oil and gas operations declined sharply in 2024, reflecting persistent challenges linked to production costs, inefficiencies and operational losses.

The report also highlights a contrasting performance in the non-oil segment, with exports outside the oil and gas sector recording strong growth. Non-oil exports reached ₦9.2 trillion in the first nine months of 2025, a significant year-on-year increase, although they still accounted for a relatively small share of total exports.

Despite gains in diversification, oil and gas continued to account for the bulk of Nigeria’s export earnings in the third quarter, reinforcing the country’s heavy reliance on crude oil as its primary source of foreign exchange and government revenue.

Analysts note that while stable oil export receipts provide short-term fiscal and currency support, the figures also underline Nigeria’s exposure to external shocks, particularly volatility in global oil prices, as non-oil exports remain insufficient to significantly rebalance the trade structure.