Nigeria’s crude oil exports fell sharply in the fourth quarter of 2025, declining by nearly 30 percent compared with the same period in 2024, according to the latest foreign trade statistics released by the National Bureau of Statistics.
The report showed that the value of crude oil exports dropped to N9.70 trillion in Q4 2025. This represents a 29.60 percent decrease from the N13.78 trillion recorded in the corresponding quarter of 2024.
The figure also reflects a 24.24 percent decline compared with the N12.81 trillion recorded in the third quarter of 2025.
The drop in crude oil exports significantly contributed to a moderation in Nigeria’s trade surplus during the period under review.
According to the NBS report, total exports in Q4 2025 stood at N18.96 trillion. This represents a 5.25 percent decline from N20.01 trillion recorded in Q4 2024 and a 16.88 percent decrease from the N22.81 trillion reported in Q3 2025.
Despite the drop in export earnings, Nigeria still maintained a trade surplus in the fourth quarter, as the value of exports remained slightly higher than imports.
Data from the report showed that Nigeria’s top export destinations during the quarter included Netherlands, India, Spain, France and Canada.
The most exported commodities during the period were crude oil, natural gas, kerosene-type jet fuel, other petroleum gases in gaseous form and urea.
Further analysis of the data revealed mixed performance across other export sectors.
Exports of agricultural goods were valued at N1.32 trillion in Q4 2025. This represents a 14.11 percent decline from N1.54 trillion recorded in Q4 2024 but a significant 68.20 percent increase compared with N786.62 billion in Q3 2025.
Exports of raw materials rose to N1.19 trillion. This reflects a 77.69 percent increase from N671.12 billion in Q4 2024 and a 14.70 percent rise compared with N1.04 trillion recorded in the previous quarter.
The solid minerals sector also recorded strong growth. Exports were valued at N116.84 billion in Q4 2025, marking a 92.48 percent increase from N60.70 billion in Q4 2024 and a 15.90 percent rise from N100.81 billion in Q3 2025.
However, manufactured goods exports declined significantly. The sector recorded N423.43 billion in the fourth quarter of 2025, representing a 14.32 percent drop from N494.22 billion in Q4 2024 and a steep 56.73 percent decline compared with N978.53 billion in Q3 2025.
Meanwhile, exports of other oil products stood at N6.12 trillion. This represents an 80.45 percent increase from N3.39 trillion recorded in Q4 2024 but a 12.77 percent decrease from the N7.01 trillion posted in the third quarter of the year.
On the import side, the NBS reported that total imports rose to N17.25 trillion in Q4 2025. This reflects a 3.98 percent increase from N16.59 trillion recorded in the same period of 2024 and a 1.73 percent rise compared with N16.96 trillion in Q3 2025.
The report showed that China remained Nigeria’s largest import partner, followed by the United States, Netherlands, India and Brazil.
Key imported commodities during the quarter included premium motor spirit (petrol), durum wheat, crude petroleum oils, cane sugar meant for refinery and used vehicles with diesel or semi-diesel engines.
The NBS noted that although crude oil continues to dominate Nigeria’s export earnings, fluctuations in oil exports remain a major factor influencing the country’s overall trade performance.
