By: ThinkBusiness Africa
Nigeria’s petroleum sector continues to serve as the bedrock of the national economy, with crude oil export revenue reaching a staggering N37.73 trillion in the first nine months of 2025.
According to the latest released by the National Bureau of Statistics (NBS), the third quarter (Q3) alone generated N12.81 trillion in oil receipts. This represents a 7.03% increase from the N11.97 trillion recorded in Q2 2025, signaling a steady recovery in production and pricing despite global market fluctuations.
Nigeria is Africa’s largest crude oil producer with an average output of 1.5 million barrels per day (mbpd), according to data from Organization of Petroleum Exporting Countries (OPEC). In 2025, the west African nation’s crude oil production averaged 1.6 – 1.4 mbpd.
The report underscores the overwhelming influence of hydrocarbons on Nigeria’s trade profile. In Q3 2025, crude oil accounted for 56.14% of the nation’s total exports. When combined with other mineral products like natural gas and petroleum gases, the sector contributed roughly 87.7% of all outbound trade.
- Q1 2025 N12.96 trillion
- Q2 2025 N11.97 trillion
- Q3 2025 N12.81 trillion
- 9-Month Total N37.73 trillion
Total merchandise trade for Q3 2025 rose to N38.94 trillion, an 8.71% increase compared to the same period in 2024.
Nigeria maintained a robust trade surplus of N6.69 trillion in Q3, though this was a 10.36% dip from the previous quarter’s surplus of N7.46 trillion. The narrowing gap was attributed to a 5.47% rise in imports, which hit N16.12 trillion, driven by the continued need for refined petroleum products and machinery.
While oil remains king, the report highlighted a significant milestone for economic diversification. Non-oil exports surged to a record N9.2 trillion in the first nine months of 2025—a 48% jump from the N6.2 trillion recorded in the same period of 2024.
Economists attribute this growth to the devaluation of the Naira, which has made Nigerian exports more competitive internationally, and a massive 1,085% surge in export-laden containers reported by the Nigerian Ports Authority (NPA).
Key non-oil drivers included chemical products, manufactured goods, and raw materials, which saw a 136% surge in shipments.
Despite the positive revenue figures, challenges remain. Agricultural exports dropped by 37.39% compared to Q2 2025, and food imports rose to N1.1 trillion, highlighting a persistent vulnerability in national food security.
