Nigeria recorded $31.54 billion in crude oil exports in 2025, down from the previous year despite higher production, according to data from the Central Bank of Nigeria.
With oil revenues falling from $36.85 billion in 2024, the most recent balance of payments report underlines continuing obstacles in the main source of income for the nation. This comes even as total crude output increased considerably, suggesting that inconsistent production objectives and operational inefficiencies limited potential gains.
Though revenues from crude oil fell, Nigeria’s larger oil and gas export sector displayed resiliency, The News Chronicle notes. Stronger gas revenues and rising exports of refined petroleum, mostly fuelled by the Dangote Refinery, helped total exports in the sector to reach $48.17 billion. At $10.51 billion, gas exports alone jumped, indicating a slow shift toward a more varied export base.
Still, external forces persisted even with these advances. Growing imports and greater outflows from service and income accounts hurt overall performance. While the whole balance of payments surplus dropped to $4.23 billion, the country’s current account surplus decreased to $14.04 billion.
Further affecting income was industry data from the Nigerian Upstream Petroleum Regulatory Commission, which indicated that Nigeria missed its production goals for much of the year.
Analysts say the figures reflect a transitional phase, where improvements in refining and gas exports are beginning to reshape Nigeria’s trade outlook, even as crude oil remains dominant.
