Nigeria’s crude oil exports dropped by N3.18 trillion in the first half of 2025, reflecting lower output and global market shifts.
Data from the National Bureau of Statistics (NBS) showed crude oil exports fell to N24.92 trillion, down from N28.10 trillion in the same period of 2024, representing an 11.3 percent decline.
In Q1 2025, crude oil exports stood at N12.96 trillion but slipped further to N11.97 trillion in Q2. Crude’s share of total exports fell to 52.6 percent in Q2 2025, compared to 71.2 percent in Q2 2024, underscoring its declining dominance in external trade.
While crude weakened, non-crude exports surged. Total non-crude exports more than doubled to N18.43 trillion in H1 2025, up from N8.79 trillion in H1 2024. Agricultural products and solid minerals remained steady at just over N3 trillion, while refined petroleum products and semi-processed goods drove the biggest gains, raising the share of non-crude exports to 41 percent from 24 percent a year earlier.
Despite the oil slump, Nigeria recorded a stronger trade surplus. Total exports reached N43.35 trillion, while imports stood at N30.71 trillion, leaving a N12.64 trillion surplus, a 54.6 percent rise from N8.17 trillion in H1 2024.
Exports as a share of total trade rose to 59.8 percent in Q2 2025, from 55.9 percent in Q2 2024. Imports dipped by 0.9 percent in Q2, after a 7 percent fall in Q1, further supporting the surplus.
NBS data also showed Nigeria spent N4 trillion on fuel imports in the first six months of 2025, with N2.3 trillion recorded in Q2 and N1.76 trillion in Q1. For context, the 2024 fuel import bill was N15.4 trillion, which had pressured reserves and weakened the naira.
Nigeria’s trade position improved in Q2 2025, with a surplus of N7.46 trillion, up from N5.17 trillion in Q1. Total exports rose by 10.5 percent quarter-on-quarter to N22.75 trillion, while imports slipped to N15.29 trillion, consolidating the stronger balance.
