Nigeria generated ₦12.81 trillion from crude oil exports in the third quarter of 2025, according to the latest report by the National Bureau of Statistics (NBS). The earnings underscore crude oil’s continued dominance in the country’s export portfolio, accounting for over 56% of total export revenues during the period.

While this figure is 4.47% lower than the ₦13.41 trillion recorded in Q3 2024, it represents a 7.03% increase from Q2 2025, signaling a recovery in export receipts.

The NBS also reported that total merchandise trade in Q3 2025 stood at approximately ₦38.94 trillion, with exports valued at ₦22.81 trillion and imports at ₦16.12 trillion, resulting in a positive trade surplus for the quarter.

Europe remained Nigeria’s largest export market, followed by Asia and Africa. Key trading partners included India, Spain, France, the Netherlands, and Italy, highlighting Nigeria’s continued reliance on international demand for crude oil.

In addition to crude oil, other petroleum and gas products contributed significantly to trade earnings. However, non-oil exports, including agricultural and manufactured goods, remained comparatively low, reflecting the economy’s ongoing dependence on hydrocarbons.

The Q3 performance reinforces the crucial role of oil in sustaining Nigeria’s external trade position while emphasizing the need for accelerated economic diversification to reduce vulnerability to global oil price fluctuations. Visit www.jocomms.com for more news.