The Federal Government’s crude oil export earnings fell by 14.41 per cent to $31.54 billion in 2025, down from $36.85 billion recorded in 2024.
The decline was attributed to lower international crude oil prices amid a global supply glut during the period under review.
The Central Bank of Nigeria disclosed this in its 2025 Annual Report and Statement of Accounts released on Wednesday.
The apex bank stated that crude oil export earnings declined by 14.41 per cent to $31.54 billion, compared with the $36.85 billion recorded in the previous year.
Europe remained Nigeria’s largest destination for crude oil exports, accounting for $14.67 billion, or 46.51 per cent of total crude oil export earnings.
Spain emerged as the largest buyer within the European market, importing Nigerian crude valued at $3.30 billion, representing 10.46 per cent of total crude export earnings.
France followed with $3.24 billion, accounting for 10.27 per cent, while the Netherlands imported $2.70 billion, representing 8.56 per cent.
Italy accounted for $2.37 billion, or 7.51 per cent, while Germany imported $700 million, representing 2.22 per cent of total crude oil export earnings.
Other European countries accounted for the remaining share of Nigeria’s crude exports to the region.
Asia was the second-largest destination, receiving Nigerian crude valued at $6.93 billion, representing 21.97 per cent of total exports.
India was the largest buyer in the Asian market, importing crude oil worth $2.84 billion, or 9 per cent of total crude exports.
Indonesia followed with imports valued at $2.46 billion, representing 7.80 per cent, while other Asian countries accounted for the balance.
Nigeria exported crude oil worth $4.66 billion to North America, accounting for 14.77 per cent of total crude export earnings.
Canada accounted for $2.76 billion, representing 8.75 per cent, while the United States imported Nigerian crude valued at $1.90 billion, or 6.02 per cent.
South America accounted for $760 million, representing 2.41 per cent of Nigeria’s total crude oil export earnings.
Peru, Uruguay and Brazil accounted for 1.33 per cent, 0.89 per cent and 0.19 per cent, respectively.
Nigeria also earned $4.39 billion from crude oil exports to other African countries, representing 13.92 per cent of total crude export earnings.
South Africa was the largest African destination, importing Nigerian crude valued at $1.57 billion, equivalent to 4.98 per cent of total exports.
Côte d’Ivoire followed with $1.31 billion, representing 4.15 per cent, while Senegal accounted for $750 million, or 2.38 per cent.
The decline in crude oil export earnings comes despite crude oil remaining a major source of Nigeria’s foreign exchange earnings and government revenue.
The lower earnings highlight the impact of movements in global oil prices on Nigeria’s external sector and the importance of strengthening other sources of foreign exchange as the country seeks to reduce its vulnerability to developments in the international oil market.
