Nigeria’s crude oil exports dropped by N3.18 trillion in the first half of 2025, according to data from the National Bureau of Statistics (NBS).
The value fell to N24.92 trillion, down 11.3 percent from N28.10 trillion recorded in the same period of 2024.
Quarterly figures show crude oil exports at N12.96 trillion in Q1 2025, sliding further to N11.97 trillion in Q2.
Crude’s share of total exports fell sharply to 52.6 percent in Q2 2025 from 71.2 percent in Q2 2024, marking a decline in oil’s dominance of Nigeria’s external trade.
ALSO READ
While crude weakened, non-crude exports surged, more than doubling from N8.79 trillion in H1 2024 to N18.43 trillion in H1 2025.
Agricultural goods and solid minerals held steady at just above N3 trillion, but refined petroleum products and semi-processed goods drove the gains, lifting non-crude exports to 41 percent of the total, up from 24 percent a year earlier.
Despite the slump in oil, Nigeria recorded a stronger trade surplus. Total exports stood at N43.35 trillion against imports of N30.71 trillion, leaving a surplus of N12.64 trillion — up 54.6 percent from N8.17 trillion in H1 2024.
NBS data show exports accounted for 59.8 percent of total trade in Q2 2025, compared to 55.9 percent in Q2 2024. Imports dipped 0.9 percent in Q2, after a 7 percent decline in Q1, reinforcing the stronger trade position.
Fuel imports, however, remained a heavy burden. Nigeria spent N4 trillion on fuel imports in the first six months of 2025, including N2.3 trillion in Q2 alone, compared to N15.4 trillion for the whole of 2024.
The widening surplus, driven by non-crude exports and lower imports, has provided some relief to Nigeria’s external account despite the revenue risks posed by weaker crude earnings.
