Europe, India top buyers as crude oil keeps Nigeria’s export engine running

Nigeria earned about ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to the National Bureau of Statistics (NBS). Crude oil made up 56.14% of the country’s total exports during this period, showing a recovery in oil export earnings.

While this is slightly lower than the ₦13.41 trillion recorded in Q3 2024 (a 4.47% drop), it is higher than the ₦11.97 trillion earned in Q2 2025, a 7.03% increase. This highlights the continued importance of oil in Nigeria’s foreign exchange earnings.

Exports of mineral products, including crude oil and petroleum gases, totaled ₦20.01 trillion, accounting for 87.71% of all exports in Q3 2025. Other oil-related exports reached ₦7.01 trillion, up 51.72% from ₦4.62 trillion in Q3 2024, though slightly lower than ₦7.74 trillion in the previous quarter.

Total merchandise trade rose to ₦38.94 trillion in Q3 2025, up 8.71% from the same period last year and 2.36% from Q2 2025. Exports made up ₦22.81 trillion (58.59%), while imports were ₦16.12 trillion (41.41%). The trade balance remained positive at ₦6.69 trillion, though slightly lower than the previous quarter.

Major exports included natural gas, petroleum gases, and refined products like kerosene-type jet fuel. These helped offset weaker performance in some non-oil sectors, especially agriculture.

Europe was Nigeria’s largest export market at ₦8.71 trillion (38.16% of exports), followed by Asia at ₦6.40 trillion (28.07%), and Africa at ₦4.90 trillion (21.49%). India was the top single export destination with ₦2.26 trillion, followed by Spain, France, the Netherlands, and Italy.

Within Africa, exports to ECOWAS countries were strong, with crude oil alone worth ₦1.32 trillion, representing 42.14% of exports to the sub-region.

However, non-oil exports struggled. Agricultural exports fell 11.69% to ₦786.62 billion, and manufactured goods exports dropped 6.03% to ₦978.53 billion, showing Nigeria’s continued reliance on oil.