Nigeria’s Crude Exports Hit ₦37.7 Trillion in 9 Months: Oil Stays King Amid Reform
Nigeria’s crude oil exports reached a massive ₦37.7 trillion in the first nine months of 2025, according to the latest Q3 Foreign Trade in Goods Statistics from the National Bureau of Statistics (NBS). This reflects a relatively stable period for oil receipts, even as the nation pushes for broader economic diversification.
While oil continues to provide the bulk of Nigeria’s foreign exchange, the data reveals a complex picture: rising revenues are being offset by structural costs, even as the non-oil sector starts to show record-breaking growth.
Table of Contents
The Numbers: ₦37.7 Trillion Breakdown
Quarterly Performance Stability
- Historical Trend: The 5-Year Surge
- The Profit Paradox: Revenue Up, Profit Down
- Diversification Watch: Non-Oil Sector Growth
- Key Takeaways: Stability vs. Vulnerability
1. The Numbers: ₦37.7 Trillion Breakdown
The ₦37.73 trillion earned between January and September 2025 was remarkably consistent across the first three quarters of the year.
| Period | Export Receipt (Trillions) |
| Q1 2025 | ₦12.96 |
| Q2 2025 | ₦11.97 |
| Q3 2025 | ₦12.81 |
| Total (9 Months) | ₦37.73 |
In Q3 2025 alone, crude oil accounted for 56.14% of Nigeria’s total exports. When including petroleum gases and other mineral products, the sector’s total contribution to outbound trade reached 87.71%, valued at ₦20.01 trillion.
2. Historical Trend: The 5-Year Surge
Nigeria’s crude oil export earnings have seen a meteoric rise over the last half-decade. This growth is primarily attributed to a combination of international oil prices, fluctuations in the naira exchange rate, and efforts to recover production.
2020: ₦9.44 trillion
2021: ₦14.41 trillion
2022: ₦21.10 trillion
2023: ₦29.00 trillion
2024: ₦55.29 trillion (5-year peak)
3. The Profit Paradox: Revenue Up, Profit Down
Despite the record-shattering revenue figures, actual profitability in the sector is facing a sharp decline.
A review indicates that Nigeria’s crude oil and gas gross profits fell to ₦1.08 trillion in 2024, a 43% drop from the ₦1.90 trillion recorded in 2023. Experts point to structural inefficiencies, high production costs, and ongoing issues with pipeline security as the primary reasons for this “revenue-profit gap”.
4. Diversification Watch: Non-Oil Sector Growth
While oil remains the “big brother” of the economy, the non-oil sector is making historic strides. Non-oil exports hit a record ₦9.2 trillion in the first nine months of 2025—a 48% increase year-on-year.
Context: In 2023, total non-oil exports for the entire year were just ₦3.1 trillion.
Current Share: Despite this growth, non-oil goods still only account for roughly 12–14% of monthly exports.
5. Key Takeaways: Stability vs. Vulnerability
The Anchor: Oil remains Nigeria’s primary source of Foreign Exchange (FX), stabilizing the currency and providing the backbone for government revenue.
Market Resilience: The steady quarterly receipts suggest that Nigeria’s oil exports have remained resilient against global market volatility in 2025.
The “Oil Trap”: The dominance of the sector means the Nigerian economy remains highly vulnerable to sudden shifts in global oil prices, as the non-oil sector is not yet large enough to offset major oil shocks.
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