Nigeria's earnings from crude oil exports declined significantly in 2025 as weaker global oil prices and an oversupplied international market weighed on revenue, according to the Central Bank of Nigeria (CBN).
The apex bank disclosed in its 2025 Annual Report and Statement of Account, released on Thursday, that the Federal Government earned $31.54 billion from crude oil exports during the year, representing a 14.41 percent decline from the $36.85 billion recorded in the corresponding period of 2024.
According to the CBN, the drop in export earnings was primarily driven by lower international crude oil prices, which came under pressure as increased global supply outpaced demand during the review period.
The report stated, “Crude oil export earnings fell by 14.41 per cent to $31.54 billion, relative to $36.85 billion in 2024.”
Europe remains Nigeria's biggest crude oil market
Despite the decline in earnings, Europe retained its position as the largest destination for Nigeria's crude oil exports, accounting for nearly half of the country's total crude export value.
The CBN said, “By continent, Europe remained the major destination for Nigeria’s crude oil export, accounting for $14.67 billion or 46.51 per cent of the total export value.”
Within Europe, Spain emerged as Nigeria's largest customer, purchasing crude oil worth $3.30 billion, equivalent to 10.46 percent of total exports. It was followed by France, which imported $3.24 billion (10.27%), the Netherlands with $2.70 billion (8.56%), Italy at $2.37 billion (7.51%), and Germany with $0.70 billion (2.22%).
The report added, “Within the region, Spain ranked highest with US$3.30 billion, accounting for 10.46 per cent of the total. This was followed by France at $3.24 billion (10.27%); the Netherlands at $2.70 billion (8.56%); Italy at $2.37 billion (7.51%); and Germany at $0.70 billion (2.22%). Other countries in the group accounted for the balance.”
Asia remains a key export destination
Asia ranked as the second-largest market for Nigerian crude, with exports valued at $6.93 billion, representing 21.97 percent of total crude oil earnings.
India remained the region's biggest importer, purchasing Nigerian crude worth $2.84 billion (9.00%), while Indonesia followed with imports valued at $2.46 billion (7.80%).
According to the CBN, “Export to Asia followed, with a value of $6.93 billion (21.97%). In the group, India’s import of Nigeria’s crude oil was $2.84 billion (9.00%). This was followed by Indonesia, with a value of $2.46 billion (7.80%). Other countries in the group accounted for the balance.”
North America, Africa and South America contribute to export earnings
Nigeria also generated substantial revenue from crude exports to North America, with total shipments valued at $4.66 billion, accounting for 14.77 percent of total exports. Canada imported crude worth $2.76 billion (8.75%), while the United States purchased $1.90 billion (6.02%).
Exports to African countries generated $4.39 billion, representing 13.92 percent of total crude oil export earnings. South Africa led the continent with imports worth $1.57 billion (4.98%), followed by Côte d’Ivoire at $1.31 billion (4.15%) and Senegal with $0.75 billion (2.38%).
Meanwhile, exports to South America totaled $0.76 billion (2.41%), with Peru, Uruguay, and Brazil accounting for the largest share of purchases within the region.
The CBN stated, “Export to North America was $4.66 billion, accounting for 14.77 per cent. Canada and the US imported Nigeria’s crude worth $2.76 billion (8.75%) and $1.90 billion (6.02%), respectively. Export to South America was $0.76 billion (2.41%), with export to Peru, Uruguay and Brazil accounting for 1.33, 0.89, and 0.19 per cent, respectively. Nigeria realised $4.39 billion from the export of crude oil to Africa, representing 13.92 per cent of the total crude export. Export to South Africa was the highest, with a value of $1.57 billion (4.98%), followed by Côte d’Ivoire at $1.31 billion (4.15%) and Senegal, at $0.75 billion (2.38%).”
The latest figures underscore Nigeria's continued dependence on crude oil exports for foreign exchange earnings, while also highlighting the country's vulnerability to fluctuations in global oil prices and changing market conditions.