Nigeria’s Gas Export Earnings Hit $10.5bn as Energy Mix Evolves

Nigeria’s gas export earnings climbed significantly in 2025, reaching $10.51 billion, up from $8.66 billion recorded in 2024, reflecting a 21 per cent increase.

The figures are drawn from the latest Balance of Payments (BOP) report released by the Central Bank of Nigeria (CBN), which highlights sustained strength in the country’s hydrocarbon exports alongside early signs of structural change in its trade composition.

According to the report, total exports from crude oil, natural gas, and refined petroleum products rose to $48.17 billion in 2025, compared to $45.51 billion in the previous year. Gas exports alone grew by 21.36 per cent, while refined petroleum exports contributed $6.13 billion, marking a notable shift in Nigeria’s traditional export structure.

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Despite the improvement in export performance, Nigeria’s overall BOP surplus declined to $4.23 billion in 2025. However, the goods account posted a stronger surplus of $14.51 billion, up from $13.17 billion in 2024, indicating resilience in trade flows.

The report underscores a gradual transformation in Nigeria’s export base, with value-added petroleum products beginning to play a more prominent role.

For decades, Nigeria’s external sector has been heavily dependent on crude oil exports, with limited domestic refining capacity forcing reliance on imported refined products. The emergence of refined exports is linked to increased output from the Dangote Refinery, signaling early progress toward downstream integration.

While oil and gas remain the backbone of foreign exchange earnings, the growing contribution of refined products suggests improved value retention within the domestic economy and a step toward reducing vulnerability to global oil price swings.