Nigeria’s crude oil export earnings declined by 14.41 percent to $31.54 billion in 2025, down from $36.85 billion recorded in 2024, as falling global crude oil prices and an oversupply in the international market weakened the country’s export revenue.
Key Highlights:
- Nigeria’s crude oil export earnings fell 14.41% to $31.54bn in 2025.
- Lower global crude oil prices and supply glut affected export revenue.
- Europe remained Nigeria’s biggest crude oil export market, accounting for 46.51% of total exports.
- Spain emerged as the largest single buyer of Nigerian crude oil.
- Asia, North America and Africa remained major destinations for Nigeria’s crude exports.
The Central Bank of Nigeria (CBN) disclosed the figures in its 2025 Annual Report and Statement of Accounts, released on Wednesday.
According to the apex bank, the decline reflects the impact of lower international crude oil prices despite sustained demand from key export markets.
“Crude oil export earnings fell by 14.41 per cent to $31.54 billion, relative to $36.85 billion in 2024,” the report stated.
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Europe Retains Top Position
Europe remained Nigeria’s largest export destination, accounting for $14.67 billion, representing 46.51 percent of total crude oil export earnings.
Spain emerged as the leading buyer with imports worth $3.30 billion (10.46%), followed by France with $3.24 billion (10.27%), the Netherlands at $2.70 billion (8.56%), Italy with $2.37 billion (7.51%), and Germany at $0.70 billion (2.22%).
Asia, North America Follow
Asia ranked second, purchasing $6.93 billion worth of Nigerian crude oil, representing 21.97 percent of total exports.
Within the region, India imported $2.84 billion (9.00%), while Indonesia accounted for $2.46 billion (7.80%).
North America followed with crude oil imports valued at $4.66 billion, representing 14.77 per cent of total exports. Canada imported $2.76 billion (8.75%), while the United States accounted for $1.90 billion (6.02%).
Africa Remains Important Market
Nigeria earned $4.39 billion from crude oil exports to African countries, representing 13.92 percent of total exports.
Among African buyers, South Africa led with $1.57 billion (4.98%), followed by Côte d’Ivoire with $1.31 billion (4.15%) and Senegal with $0.75 billion (2.38%).
Exports to South America totalled $0.76 billion (2.41%), with Peru, Uruguay and Brazil among the leading destinations.
The latest figures underscore Nigeria’s continued reliance on crude oil exports for foreign exchange earnings, even as fluctuating global oil prices remain a major determinant of government revenue and external sector performance.
