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Nigeria's Crude Oil Export Drops 16% to N12.95 Trillion in Q1 2025

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Nigeria's crude oil export earnings dropped significantly to N12.95 trillion in the first quarter of 2025, marking a 16.34% decline from the N15.49 trillion recorded during the same period in 2024.

The figure also represents a 6.01% fall from the N13.78 trillion posted in the fourth quarter of 2024. This is according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).

Despite the sharp drop, crude oil still dominated Nigeria's export portfolio, accounting for 62.89% of the country's total exports, which stood at N20.6 trillion for the quarter. Analysts attribute the decline to falling global crude prices and operational difficulties faced by some local refiners, which have struggled to access sufficient crude feedstock.

Interestingly, while crude oil export earnings declined, Nigeria recorded a trade surplus of N5.17 trillion in Q1 2025, up by 51.07% from the N3.42 trillion reported in the previous quarter. This was supported by a surge in non-crude oil exports and a reduction in import bills, leading to a total trade value of N36.02 trillion—a 6.19% year-on-year increase.

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