Petroleum products account for over half of total exports, while agriculture and manufacturing record declines
Nigeria earned approximately ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
The data showed that crude oil remained Nigeria’s largest export commodity, contributing 56.14 per cent of total exports during the period. Although crude oil export earnings declined by 4.47 per cent year-on-year from ₦13.41 trillion in Q3 2024, they recorded a 7.03 per cent increase compared with ₦11.97 trillion in the second quarter of 2025, indicating a recovery within the year.
Exports of 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 Q3 2025. In addition to crude oil earnings, other oil-related exports were valued at ₦7.01 trillion.
This represented a 51.72 per cent increase year-on-year from ₦4.62 trillion recorded in Q3 2024, though it was 9.42 per cent lower than the ₦7.74 trillion posted in the previous quarter.
Overall trade figures further underscored the dominance of oil in Nigeria’s export profile. Total merchandise trade rose to ₦38.94 trillion in Q3 2025, reflecting an 8.71 per cent increase year-on-year and a 2.36 per cent rise quarter-on-quarter.
Exports accounted for ₦22.81 trillion, representing 58.59 per cent of total trade, while imports stood at ₦16.12 trillion, or 41.41 per cent. Nigeria recorded a positive trade balance of ₦6.69 trillion, although this was 10.36 per cent lower than the surplus recorded in the preceding quarter.
Beyond crude oil, major export items during the period included natural gas, other petroleum gases in gaseous form, and refined petroleum products such as kerosene-type jet fuel. These helped cushion weaker performances in non-oil sectors, particularly agriculture.
In terms of export destinations, Europe remained Nigeria’s largest market, receiving goods worth ₦8.71 trillion, or 38.16 per cent of total exports, largely due to crude oil shipments. Asia followed with ₦6.40 trillion (28.07 per cent), while Africa accounted for ₦4.90 trillion, representing 21.49 per cent, driven mainly by petroleum product exports to neighbouring countries.
India emerged as Nigeria’s single largest export destination in Q3 2025, importing goods valued at ₦2.26 trillion. Spain followed with ₦1.83 trillion, France with ₦1.66 trillion, the Netherlands with ₦1.54 trillion, and Italy with ₦1.46 trillion. Combined, these five countries accounted for 38.34 per cent of Nigeria’s total exports during the quarter.
Oil’s dominance was even more pronounced in trade with Africa and the ECOWAS sub-region. Exports to Africa stood at ₦4.90 trillion, compared with imports valued at ₦595 billion.
Crude petroleum oils exported to Africa were valued at ₦1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to the continent. This was followed by motor spirit worth ₦707.05 billion and gas oil valued at ₦692.08 billion.
Within ECOWAS, crude oil exports alone amounted to ₦1.32 trillion, representing 42.14 per cent of total exports to the sub-region, reinforcing Nigeria’s position as West Africa’s leading energy supplier.
However, the NBS data pointed to a weaker performance from non-oil exports. 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, highlighting the country’s continued heavy reliance on oil-driven trade.
