Nigeria’s crude oil exports generated N12.96tn in the first quarter of 2025, accounting for 62.89% of the country’s total export value, according to the National Bureau of Statistics (NBS). This is despite the challenges faced by domestic refineries in accessing crude oil supply.
The NBS report revealed that crude oil exports dropped by 16.35% compared to the same period in 2024 and 6.01% from the fourth quarter of 2024. However, crude oil remained the country’s dominant export commodity. “Crude oil exports in Q1 2025 were valued at N12,955.03tn; the value decreased by 16.35% from N15,486.63tn in Q1 2024 and by 6.01% from N13,783tn in Q4 2024,” the report stated.
The country’s top crude buyers for the period under review were India, the Netherlands, the United States, France, and Spain. India bought the highest volume of crude worth N1.41tn, followed by the Netherlands with N1.36tn.
Meanwhile, local refiners have been struggling to access crude oil supply due to weak enforcement of the Domestic Crude Supply Obligation and the Domestic Crude Refining Requirement. Eche Idoko, Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, said, “Nigeria’s transition to a more robust and self-reliant petroleum refining sector has been fraught with contradictions and policy ambiguities.
Idoko added that restricting the naira-for-crude deal to only the Dangote refinery defeats the intent of the policy. “Although the DCSO and DCRR theoretically ensure supply security for local refineries, enforcement remains weak,” he noted.
Other oil products, excluding crude, generated N4.48tn in export revenue in Q1 2025, marking a significant 134.24% increase from Q1 2024. The value of other petroleum products imported into the country, however, dropped significantly to N3.79tn, marking a 42.20% decline from the corresponding period in 2024
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