Nigeria’s crude oil exports plunged by N3.18 trillion in the first six months of 2025, underscoring the country’s continued struggles with production output and global oil market shifts.
Data from the National Bureau of Statistics (NBS) revealed that crude oil exports fell to N24.92 trillion in H1 2025, compared to N28.10 trillion in H1 2024, representing an 11.3% year-on-year decline.
In Q1 2025, crude exports were valued at N12.96 trillion, but this declined further to N11.97 trillion in Q2. Oil’s share of total exports also weakened, falling to 52.6% in Q2 2025 from 71.2% in Q2 2024, signaling a reduced dominance of oil in Nigeria’s trade balance.
Rise of Non-Crude Exports
While crude struggled, non-crude exports surged significantly, more than doubling from N8.79 trillion in H1 2024 to N18.43 trillion in H1 2025.
Non-oil exports, including agricultural produce and solid minerals, maintained stability at just above N3 trillion across both quarters. The largest gains came from refined petroleum products and semi-processed goods, which boosted the share of non-crude exports to 41% of total exports in H1 2025, compared to 24% a year earlier.
Trade Surplus Strengthens Despite Oil Decline
Despite the downturn in crude oil performance, Nigeria posted a stronger trade surplus in the first half of 2025. Total exports amounted to N43.35 trillion, while imports stood at N30.71 trillion, leaving a surplus of N12.64 trillion — up 54.6% from N8.17 trillion recorded in H1 2024.
Exports as a share of total trade improved from 55.9% in Q2 2024 to 59.8% in Q2 2025, as non-crude exports offset oil’s weakness. Imports dipped slightly by 0.9% in Q2, after a 7% drop in Q1, further improving the trade balance.
Fuel Imports Still Rising
At the same time, Nigeria’s heavy reliance on fuel imports continued. According to the NBS, the country spent N4 trillion on fuel imports in the first six months of 2025 — N1.76 trillion in Q1 and N2.3 trillion in Q2.
For context, Nigeria’s full-year fuel import bill in 2024 reached N15.4 trillion, a figure that strained foreign reserves and contributed to exchange rate volatility.
External Trade Position in Q2 2025
The NBS data also highlighted an improved trade position in Q2 2025, with the trade surplus widening by 44.3% to N7.46 trillion, up from N5.17 trillion in Q1.
Total exports in Q2 reached N22.75 trillion, representing a 10.5% increase from Q1 and a 28.4% year-on-year rise. Imports, however, slipped marginally to N15.29 trillion, reinforcing Nigeria’s stronger external account.
