Nigeria generated ₦12.81 trillion from crude oil exports during Q3 2025, cementing petroleum’s dominance in the nation’s foreign trade earnings. Latest National Bureau of Statistics data confirms crude accounted for 56.14% of total exports.
Export Trends and Composition
While crude exports dipped 4.47% year-on-year from Q3 2024’s ₦13.41 trillion, they grew 7.03% quarter-on-quarter. Mineral products—primarily crude and petroleum gases—totaled ₦20.01 trillion. This represented 87.71% of Nigeria’s Q3 exports.
Other oil products surged to ₦7.01 trillion, marking a 51.72% annual increase. Nigeria’s total merchandise trade reached ₦38.94 trillion. Exports comprised ₦22.81 trillion (58.59%) while imports stood at ₦16.12 trillion.
Regional Trade Patterns
Europe remained Nigeria’s top export destination at ₦8.71 trillion (38.16%), followed by Asia (₦6.40 trillion) and Africa (₦4.90 trillion). India purchased the most Nigerian goods (₦2.26 trillion), ahead of Spain, France, and the Netherlands.
Petroleum solidified Nigeria’s role as West Africa’s primary energy supplier. Crude exports to ECOWAS nations totaled ₦1.32 trillion—42.14% of regional trade. Africa-bound shipments included ₦1.94 trillion in crude oil.
Non-Oil Sector Challenges
Despite oil’s strong performance, diversification efforts stalled. Agricultural exports fell 11.69% year-on-year to ₦786.62 billion. Manufactured goods dropped 6.03% to ₦978.53 billion.
The trade surplus stood at ₦6.69 trillion. This occurred despite a 10.36% quarterly decrease. The data underscores petroleum’s continued centrality to Nigeria’s economic stability.
About the Author
