According to the National Bureau of Statistics’ (NBS) Q3 2025 Foreign Trade in Goods Statistics, Nigeria’s crude oil exports reached N37.7 trillion in the first nine months of the year. The data spans January through September of 2025, a time when oil export performance was comparatively steady despite fluctuations in the world market. According to Daily Trust, the amount of exports occurred in spite of local refineries’ incapacity to obtain the feedstocks necessary for their operations. For example, the 650,000 bpd Dangote Refinery depends on crude oil from Ghana, the United States, and other nations. According to NBS quarterly figures, the product was exported for N12.96 trillion in the first quarter, but just N11.97 trillion in the second and N12.81 trillion in the third.According to NBS data, prices, exchange rates, and export gains have all contributed to Nigeria’s crude oil export earnings’ steady increase over the last five years. The figures show that Nigeria’s crude oil exports brought in N9.44 trillion in 2020 and N14.41 trillion in 2021. According to NBS, export revenue increased to N21.10 trillion in 2022 and N29 trillion in 2023. Crude oil export earnings reached N55.29 trillion in 2024, the highest level in five years, marking the pinnacle of the trend and establishing a precedent for 2025. In the meantime, non-oil exports increased 48% year over year to a record N9.2 trillion in the first nine months of 2025.
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