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Nigeria's Crude Oil Export Earnings Decline in Q1 2025 Amid Refining Challenges

Strategic Insights

— 2 min read

Nigeria's crude oil export earnings declined to N12.96 trillion in the first quarter (Q1) of 2025, a 16.34 percent drop from the same period in 2024, amidst reports of limited access to feedstock for local refineries. Despite this decline, crude oil remained the country's most valuable export commodity, accounting for 62.89 percent of the country's total export value of N20.6 trillion. Nigeria's trade surplus also increased to N5.17 trillion, a 51.07 percent improvement over the previous quarter.

Key Takeaways:

  • Crude oil export earnings fell to N12.96 trillion in Q1 2025, a decline of N2.53 trillion or 16.34 percent compared to Q1 2024.
  • Crude oil remained Nigeria's most valuable export commodity, accounting for 62.89 percent of the country's total export value of N20.6 trillion.
  • The trade surplus increased to N5.17 trillion, a 51.07 percent improvement over the previous quarter.
  • Non-crude oil exports showed remarkable resilience and growth, with the value of other oil products exported in Q1 2025 climbing to N4.48 trillion.
  • India maintained its position as the largest importer of Nigerian crude oil, with purchases amounting to N1.41 trillion.
  • Nigeria's petrol import bill dropped significantly in Q1 2025, thanks largely to increased output from the Dangote Refinery.
  • The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a decline in crude oil production for the month of May 2025, with average daily crude output standing at 1,452,941 barrels per day.

Statistics:

  • N12.96 trillion: Crude oil export earnings in Q1 2025.
  • N2.53 trillion: Decline in crude oil export earnings compared to Q1 2024.
  • 16.34 percent: Decline in crude oil export earnings compared to Q1 2024.
  • 62.89 percent: Share of crude oil in Nigeria's total export value of N20.6 trillion.
  • N5.17 trillion: Trade surplus in Q1 2025, a 51.07 percent improvement over the previous quarter.
  • N4.48 trillion: Value of other oil products exported in Q1 2025.
  • N1.41 trillion: India's purchases of Nigerian crude oil in Q1 2025.
  • N3.81 trillion: Petrol import bill in Q1 2024, down from N1.76 trillion in Q1 2025.
  • 1,452,941 barrels per day: Average daily crude output in May 2025.
  • 97 percent: Level of oil production in May 2025, representing Nigeria's 1.5 million bpd quota set by OPEC.

Sources:

  • Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
  • Report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

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