Nigeria’s Crude Oil Earnings Drop 14.4% in 2025

Nigeria crude oil exports declined sharply in 2025 as lower global oil prices reduced the Federal Government’s earnings despite continued demand from key international markets.

The Central Bank of Nigeria (CBN) disclosed in its 2025 Annual Report and Statement of Account that the Federal Government earned $31.54 billion from crude oil exports in 2025, down 14.41 per cent from the $36.85 billion recorded in 2024. The apex bank attributed the decline to weaker international crude oil prices caused by a global supply glut during the review period.

According to the report, Europe remained the largest destination for Nigeria crude oil exports, accounting for $14.67 billion, or 46.51 per cent of total export earnings. Spain emerged as the leading buyer with $3.30 billion, representing 10.46 per cent of total exports. It was followed by France with $3.24 billion (10.27 per cent), the Netherlands with $2.70 billion (8.56 per cent), Italy with $2.37 billion (7.51 per cent) and Germany with $0.70 billion (2.22 per cent).

Asia ranked second, with exports valued at $6.93 billion, representing 21.97 per cent of the total. India imported $2.84 billion worth of Nigerian crude, while Indonesia purchased $2.46 billion. Exports to North America reached $4.66 billion, with Canada accounting for $2.76 billion and the United States for $1.90 billion.

The report also showed that South America received $0.76 billion in crude exports, led by Peru, Uruguay and Brazil. Meanwhile, exports to Africa generated $4.39 billion, or 13.92 per cent of total earnings. South Africa recorded the highest value at $1.57 billion, followed by Côte d’Ivoire with $1.31 billion and Senegal with $0.75 billion. Despite the decline in earnings, Nigeria crude oil exports continued to attract strong demand across major global markets. The performance of Nigeria crude oil exports remains a key driver of the country’s foreign exchange earnings.

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