Nigeria’s crude oil exports hit N37.7trn in 9 months

Nigeria’s crude oil exports increased to N37.7 trillion in the first nine months of the year, the Q3 2025 Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS) has stated. The figure covers January to September 2025, a period of relatively stable oil export performance despite global market volatility. Daily Trust […]

Nigeria’s crude oil exports increased to N37.7 trillion in the first nine months of the year, the Q3 2025 Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS) has stated.
The figure covers January to September 2025, a period of relatively stable oil export performance despite global market volatility.
Daily Trust reports that the volume of exports was despite the inability of local refineries to get the required feedstocks for their operations.
Dangote Refinery for instance had relied on crude oil from US, Ghana, among other countries for the 650,000 bpd refinery.
The quarterly data from the NBS showed that N12.96trn of the product was exported in first quarter but reduced to N11.97trn in second quarter and N12.81trn in third quarter.
NBS data show Nigeria’s crude oil export earnings have steadily risen over five years, driven by prices, exchange rates, and export gains.
According to the data, Nigeria earned N9.44tr. from crude oil exports in 2020, rising to N14.41trn in 2021.
Export earnings climbed further to N21.10 trillion in 2022 and N29 trillion in 2023, according to NBS.
The trend peaked in 2024, with crude oil export revenues hitting N55.29trn, the highest in five years, setting a benchmark for 2025.
Meanwhile, non-oil exports surged, hitting a record N9.2tr. in the first nine months of 2025, up 48% year on year.
For comparison, total non-oil exports stood at N3.1trn for the whole of 2023 and N9.1trn in 2024.
Despite this growth, non-oil goods accounted for only 12–14% of monthly exports in Q3 2025, with oil and gas still dominating Nigeria’s export earnings.