Nigeria’s Crude Exports Hit N12.8tn, Oil Trade Drives Q3 External Balance

Emmanuel Addeh in Abuja

Nigeria’s crude oil exports climbed to N12.81 trillion in the third quarter of 2025, reaffirming the commodity’s dominance in the country’s external trade and anchoring a strong oil-led performance in imports and exports during the period under review.

According to the latest ‘Foreign Trade in Goods Statistics’ released by the National Bureau of Statistics (NBS), crude oil alone accounted for 56.14 per cent of Nigeria’s total exports in Q3 2025, underlining the continued centrality of the petroleum sector to foreign exchange earnings.

Although the value of crude oil exports declined slightly by 4.47 per cent year-on-year from N13.41 trillion recorded in Q3 2024, it rose by 7.03 per cent quarter-on-quarter compared with N11.97 trillion in Q2 2025, signalling a rebound in oil export receipts within the year .

Overall, Nigeria’s total merchandise trade stood at N38.94 trillion in Q3 2025, representing an 8.71 per cent increase compared with the corresponding quarter of 2024 and a 2.36 per cent rise from Q2 2025.

Besides, exports accounted for 58.59 per cent of total trade, valued at N22.81 trillion, while imports made up the remaining 41.41 per cent, valued at N16.12 trillion. This resulted in a positive trade balance of N6.69 trillion, despite a 10.36 per cent decline compared with the preceding quarter.

A breakdown of export data highlighted the overwhelming influence of oil and oil-related commodities. Mineral products, largely driven by crude oil and petroleum gases, were valued at N20.01 trillion, accounting for 87.71 per cent of total exports in Q3 2025.

In addition to crude oil exports of N12.81 trillion, other oil product exports surged to N7.01 trillion, representing a sharp 51.72 per cent increase compared with N4.62 trillion in Q3 2024, although this was 9.42 per cent lower than the N7.74 trillion recorded in Q2 2025 .

Natural gas and other petroleum gases in a gaseous state, alongside refined petroleum products such as kerosene-type jet fuel, also featured prominently among Nigeria’s leading export commodities. Collectively, oil and oil-related products continued to underpin export growth, offsetting declines in some non-oil segments, particularly agricultural exports.

In regional terms, Europe remained Nigeria’s largest export destination, absorbing N8.71 trillion or 38.16 per cent of total exports, largely driven by crude oil shipments. Asia followed with N6.40 trillion (28.07 per cent), while Africa accounted for N4.90 trillion or 21.49 per cent of total exports, much of which comprised petroleum products supplied to neighbouring countries.

Also, the data showed that India emerged as Nigeria’s single largest export destination in Q3 2025, with goods valued at N2.26 trillion, followed by Spain (N1.83 trillion), France (N1.66 trillion), the Netherlands (N1.54 trillion) and Italy (N1.46 trillion). These five countries collectively accounted for 38.34 per cent of total exports.

On the import side, petroleum-related products also featured strongly, with total imports rising to N16.12 trillion in Q3 2025, marking increases of 5.51 per cent year-on-year and 5.47 per cent quarter-on-quarter.

Mineral fuels, including petroleum oils and oils obtained from bituminous minerals, were the largest import category, valued at N5.15 trillion and accounting for 31.97 per cent of total imports .

However, a notable shift was observed in the importation of other oil products as the value of other oil products imported in Q3 2025 fell sharply to N2.75 trillion, representing a 52.05 per cent decline compared with N5.74 trillion in Q3 2024 and a marginal 1.14 per cent decrease from Q2 2025.

This decline suggested some moderation in Nigeria’s dependence on imported refined petroleum products, possibly reflecting changing consumption patterns or improved domestic supply dynamics.

But China remained Nigeria’s leading import partner, accounting for N4.78 trillion or 29.68 per cent of total imports, followed by the United States (N3.22 trillion), India (N1.38 trillion), the United Arab Emirates (N790.66 billion) and Belgium (N690.22 billion). Many of the petroleum-related imports, particularly refined fuels and industrial oil inputs, originated from these countries.

In the same vein, the dominance of oil was even more pronounced in Nigeria’s trade with African and ECOWAS countries. Exports to Africa stood at N4.90 trillion in Q3 2025, while imports from the continent were N595.00 billion.

Petroleum oils and oils obtained from bituminous minerals, crude, were valued at N1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to Africa. This was followed by motor spirit (ordinary) at N707.05 billion and gas oil at N692.08 billion .

Within ECOWAS, crude oil exports alone were valued at N1.32 trillion, representing 42.14 per cent of Nigeria’s total exports to the sub-region. Alongside gas oil and other petroleum-based products, oil continued to cement Nigeria’s role as the primary energy supplier within West Africa.

However, the NBS data indicated that while oil and oil-related trade posted strong numbers, non-oil exports painted a mixed picture, with agricultural exports falling by 11.69 per cent year-on-year to N786.62 billion, while manufactured goods exports declined by 6.03 per cent to N978.53 billion.