Nigeria’s Oil Export Earnings Soar to N12.96tn

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Nigeria earned N12.96tn from crude oil and other petroleum product exports 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), the trade surplus stood at N5.17tn, a 51.07% increase from the previous quarter.

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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. Despite this decline, crude oil remained the country’s dominant export commodity.

India was the top buyer of Nigeria’s crude, with a total value of N1.41tn, followed by the Netherlands (N1.36tn), France (N1.28tn), Spain (N989.54bn), and the United States (N779.39bn). Within Africa, South Africa purchased the highest volume worth N704.73bn.

Meanwhile, other oil products, excluding crude, generated N4.48tn in export revenue, a significant 134.24% increase from Q1 2024. The report attributed this growth to increased demand for petroleum products.

The NBS data also showed that Nigeria’s export trade was dominated by crude oil, valued at N12.95tn, representing 62.89% of total exports. In contrast, the value of petroleum product imports dropped to N3.79tn, a 42.20% decline from Q1 2024

Local refiners have expressed concerns over poor feedstock supply, citing weak enforcement of the Domestic Crude Supply Obligation and Domestic Crude Refining Requirement. “The government had also failed to implement the Domestic Crude Supply Obligation and the Domestic Crude Refining Requirement,” said Eche Idoko, Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria

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