Nigeria’s export earnings in the third quarter of 2025 were once again powered overwhelmingly by crude oil, with the commodity generating about ₦12.81 trillion and reinforcing the petroleum sector’s grip on the country’s foreign trade, according to new figures released by the National Bureau of Statistics (NBS).
Data from the NBS Foreign Trade in Goods Statistics show that crude oil alone contributed 56.14 per cent of total exports during the period, reflecting a modest rebound in oil receipts within the year. While export earnings from crude dipped slightly by 4.47 per cent compared with ₦13.41 trillion recorded in Q3 2024, they rose by 7.03 per cent quarter-on-quarter from ₦11.97 trillion in Q2 2025.
The NBS said the uptick underscores the continued importance of crude oil as Nigeria’s primary source of foreign exchange. Overall, mineral products — driven largely by crude oil and petroleum gases — were valued at ₦20.01 trillion, accounting for 87.71 per cent of total exports in the quarter.
Beyond crude oil, other oil-related exports also posted strong numbers. Shipments of refined and other petroleum products climbed to ₦7.01 trillion, representing a sharp 51.72 per cent increase from ₦4.62 trillion in the same period of 2024, although this figure was 9.42 per cent lower than the ₦7.74 trillion recorded in the preceding quarter.
Total merchandise trade for the quarter stood at ₦38.94 trillion, an increase of 8.71 per cent year-on-year and 2.36 per cent higher than Q2 2025. Exports dominated trade activity, accounting for 58.59 per cent or ₦22.81 trillion, while imports amounted to ₦16.12 trillion, representing 41.41 per cent of the total.
As a result, Nigeria recorded a trade surplus of ₦6.69 trillion, even though this was 10.36 per cent lower than the surplus posted in the previous quarter. Natural gas, other petroleum gases in gaseous form, and refined products such as kerosene-type jet fuel featured prominently among the country’s top export items.
Europe leads destination chart
Europe retained its position as Nigeria’s largest export market in Q3 2025, absorbing goods worth ₦8.71 trillion, or 38.16 per cent of total exports, largely due to strong demand for crude oil. Asia followed with ₦6.40 trillion (28.07 per cent), while Africa accounted for ₦4.90 trillion, representing 21.49 per cent of exports, much of which consisted of petroleum products supplied to neighbouring countries.
At the country level, India emerged as Nigeria’s biggest export destination during the quarter, with imports valued at ₦2.26 trillion. Spain, France, the Netherlands and Italy followed, with combined purchases accounting for more than 38 per cent of Nigeria’s total exports.
Oil’s dominance was even more evident in trade with African countries and the ECOWAS sub-region. Exports to Africa totalled ₦4.90 trillion, compared with imports of ₦595.00 billion from the continent. Crude oil exports alone were valued at ₦1.94 trillion, representing nearly 40 per cent of Nigeria’s exports to Africa, followed by motor spirit and gas oil.
Within West Africa, crude oil shipments were valued at ₦1.32 trillion, making up over 42 per cent of Nigeria’s exports to the sub-region. Together with gas oil and other petroleum products, these figures highlight Nigeria’s continued role as a major energy supplier in the region.
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However, the data also revealed lingering weaknesses outside the oil sector. Agricultural exports declined by 11.69 per cent year-on-year to ₦786.62 billion, while manufactured goods exports fell by 6.03 per cent to ₦978.53 billion, underscoring the persistent difficulty of expanding Nigeria’s export base beyond crude oil.
