Nigeria’s gas export earnings rose 21 per cent to $10.51 billion in 2025, up from $8.66 billion recorded in 2024, according to the Central Bank of Nigeria’s Balance of Payments report.
Total hydrocarbon exports increased to $48.17 billion during the period, with refined petroleum products contributing $6.13 billion as crude oil earnings moderated.
The goods account surplus expanded to $14.51 billion from $13.17 billion, though the current account dipped to $14.04 billion and the balance of payments surplus narrowed to $4.23 billion.
Dangote Refinery’s operational ramp-up has helped end the paradox of crude exports alongside imports of refined products, boosting value-added downstream revenue for the country.
Gas has emerged as a stabilising pillar for foreign exchange earnings compared to crude oil volatility, supporting the Nigerian Upstream Petroleum Regulatory Commission’s Gas Development Roadmap.
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The roadmap targets the development of 55 trillion cubic feet of uncommitted gas reserves through upstream, midstream, and downstream investments that have attracted $4.9 billion in capital expenditure.
Non-oil exports reached N12.36 trillion, up from N9.09 trillion, driven by agriculture, manufacturing, and solid minerals, though hydrocarbons continue to dominate total export earnings.
Domestic refining integration retains more value within the economy, while gas exports position Nigeria to capitalise on growing global LNG demand.
The dual hydrocarbon diversification strategy, combining gas growth with refined product exports, strengthens external balances and cushions the economy against oil price swings.
The approach positions Nigeria for energy transition leadership as Dangote Refinery’s planned expansion toward 1.4 million barrels per day capacity looms.
