Nigeria exported crude oil and petroleum products valued at ₦12.96 trillion in the first quarter of 2025, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
This figure represents 62.89% of the country’s total export value for the period under review, underscoring the dominant role of oil in Nigeria’s trade performance.
Despite this strong export showing, domestic refineries continue to suffer from poor crude feedstock supply, largely due to the slow implementation of the Domestic Crude Supply Obligation (DCSO) and the Domestic Crude Refining Requirement (DCRR). These policies were introduced to ensure local refineries have adequate access to crude oil for processing.
The NBS report also showed that Nigeria posted a trade surplus of ₦5.17 trillion in Q1 2025 — a 51.07% increase from the ₦3.42 trillion recorded in Q4 2024. Total trade reached ₦36.02 trillion, marking a 6.19% rise compared to the same period in 2024.
“The merchandise trade balance for Q1 2025 remained positive at ₦5,172.31bn, indicating an increase of 51.07 per cent compared to the value recorded in the preceding quarter,” the report stated.
While exports surge, analysts warn that neglecting domestic refining capacity could undermine energy security and reduce long-term economic value from crude oil resources.
