RoydadNaft –  Nigeria generated approximately ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to data from the National Bureau of Statistics (NBS). Crude oil accounted for 56.14% of the country’s total exports during this period, underscoring a continued recovery in oil export revenues.

Although this figure represents a 4.47% decline from the ₦13.41 trillion recorded in Q3 2024, it marks a 7.03% increase compared to the ₦11.97 trillion earned in Q2 2025, highlighting the persistent dominance of oil in Nigeria’s foreign exchange earnings.

Exports of mineral products, primarily crude oil and petroleum gases, totaled ₦20.01 trillion, making up 87.71% of all exports in Q3 2025. Other oil-related exports amounted to ₦7.01 trillion, reflecting a sharp 51.72% rise from ₦4.62 trillion in Q3 2024, though slightly down from ₦7.74 trillion in the previous quarter.

Overall merchandise trade climbed to ₦38.94 trillion in Q3 2025, an 8.71% increase year-on-year and a 2.36% rise from Q2 2025. Exports contributed ₦22.81 trillion (58.59% of total trade), while imports stood at ₦16.12 trillion (41.41%). The trade balance remained positive at ₦6.69 trillion, albeit marginally lower than the prior quarter.

Key export items beyond crude included natural gas, petroleum gases, and refined products such as kerosene-type jet fuel, which helped cushion weaker results in non-oil sectors, particularly agriculture.

Europe emerged as Nigeria’s largest regional export market, absorbing ₦8.71 trillion worth of goods (38.16% of total exports), followed by Asia at ₦6.40 trillion (28.07%) and Africa at ₦4.90 trillion (21.49%). On a country-by-country basis, India led as the top destination with ₦2.26 trillion, followed by Spain, France, the Netherlands, and Italy.

Trade within Africa was robust, especially with ECOWAS nations, where crude oil exports alone reached ₦1.32 trillion, comprising 42.14% of exports to the sub-region.

In contrast, non-oil exports faced challenges. Agricultural exports dropped 11.69% to ₦786.62 billion, while manufactured goods exports fell 6.03% to ₦978.53 billion, further illustrating Nigeria’s heavy dependence on petroleum revenues.