Nigeria’s crude oil exports climbed to N37.7 trillion between January and September 2025, underscoring the sector’s continued dominance of the country’s external trade, according to third quarter foreign trade data released by the National Bureau of Statistics.
The figures show a largely steady performance across the three quarters, with receipts of about N12.96 trillion in the first quarter, N11.97 trillion in the second, and N12.81 trillion in the third. Together, these numbers point to a period of relative stability for oil exports despite ongoing volatility in global energy markets.
The News Chronicle understands that the steady flow of oil earnings has helped cushion Nigeria’s foreign exchange position and supported government revenues at a time of broader economic adjustments. However, rising export values have not translated into stronger profitability, as sector data indicate that crude oil and gas profits declined sharply in 2024 compared with the previous year.
A longer term view shows oil export earnings have grown consistently over the past five years, peaking in 2024 and setting a high benchmark for 2025. Yet the data also highlights Nigeria’s structural reliance on oil, even as non oil exports expand rapidly.
While non oil exports reached a record level in the same nine month period, they still account for a modest share of total exports, leaving crude oil firmly at the centre of Nigeria’s trade and foreign exchange outlook.
