Nigeria’s crude oil export earnings fell to N12.96 trillion in the first quarter (Q1) of 2025, as reports emerged that some local refineries were grappling with limited access to feedstock for their operations. The latest figures represent a decline of N2.53 trillion or 16.34 percent compared to the N15.49 trillion recorded in Q1 2024. When placed side by side with the N13.78 trillion earned in the fourth quarter of 2024, the Q1 2025 figures reflect a further drop of N828 billion or 6.01 percent.
Despite this decline, crude oil remained Nigeria’s most valuable export commodity, accounting for 62.89 percent of the country’s total export value of N20.6 trillion in the first quarter of the year, according to the Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS). The report noted that “Crude oil exports in Q1 2025 were valued at N12,955.03 billion; the value decreased by 16.35 per cent from N15,486.63 billion in Q1 2024 and by 6.01 per cent from N13,783.00 billion in Q4 2024.”
Nigeria, nonetheless, posted a trade surplus of N5.17 trillion in the review period, a significant improvement of 51.07 percent over the N3.42 trillion recorded in the previous quarter. Total trade in goods for Q1 2025 reached N36.02 trillion, representing a 6.19 percent increase compared to the same period last year. Although the country’s crude oil exports weakened, they still far outpaced other major exports such as liquefied natural gas, petroleum gases, urea, and cocoa beans.
India maintained its position as the largest importer of Nigerian crude oil, with purchases amounting to N1.41 trillion. Other top buyers included the Netherlands (N1.36 trillion), France (N1.28 trillion), Spain (N989.5 billion), and the United States (N779.3 billion). In Africa, South Africa led with N704.7 billion worth of Nigerian crude, followed by Côte d’Ivoire with N403.9 billion, Senegal with N327.8 billion, and Ghana with N50.5 billion. These figures highlight Nigeria’s continued dependence on international markets for crude oil sales amid insufficient refining capacity at home.
However, Nigeria’s non-crude oil export sector showed remarkable resilience and growth. The value of other oil products exported in Q1 2025 climbed to N4.48 trillion, up by 134.24 percent from N1.91 trillion recorded in the same quarter of 2024, and by 32.07 percent when compared to N3.39 trillion in Q4 2024. The NBS stated, “Other oil product exports in Q1 2025 stood at N4,475.58 billion, showing an increase of 134.24 per cent from N1,910.71 billion in Q1 2024 and as well as increase of 32.07 per cent from N3,388.80 billion in Q4, 2024.”
The country also saw a sharp drop in its petrol import bill, thanks largely to increased output from the Dangote Refinery, which has steadily scaled up operations. Nigeria imported N1.76 trillion worth of petrol in the first quarter of 2025, down significantly from N3.81 trillion recorded during the same period in 2024.
Petrol remained the most imported product from ECOWAS countries, accounting for N89.18 billion or 44.51 percent of total imports from the subregion.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a decline in crude oil production for the month of May 2025. The country’s average daily crude output stood at 1,452,941 barrels per day (bpd), reflecting a 2.20 percent drop from the 1,485,700 bpd recorded in April. With the inclusion of condensate, oil production slipped from 1.68 million bpd in April to 1.65 million bpd in May. The NUPRC noted that this level of production represents 97 percent of Nigeria’s 1.5 million bpd quota set by the Organisation of Petroleum Exporting Countries (OPEC).
Despite the challenges surrounding crude production and export performance, Nigeria’s trade balance remained in positive territory, supported by the strong showing in non-crude oil exports and the ongoing domestic supply reforms in the petroleum sector.
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