By Nchetachi Chukwuajah
The National Bureau of Statistics (NBS) has stated that crude oil accounted for 56.14 per cent of Nigeria’s total exports in the third quarter of this year.
The NBS, in its latest Foreign Trade in Goods Statistics, said the country generated N12.81 trillion from crude oil exports during the period, indicating a recovery in oil export earnings within the period.
The report showed that while crude oil export value fell by 4.47 per cent year-on-year from the N13.41 trillion recorded in Q3 2024, it rose by 7.03 per cent compared to the N11.97 trillion earned in Q2 2025.
It further stated that mineral products exports, largely driven by crude oil and petroleum gases, were valued at N20.01 trillion, representing 87.71 per cent of total exports in Q3 2025.
The NBS noted that other oil-related exports stood at N7.01 trillion, in addition to crude oil earnings of N12.81 trillion.
The other oil-related earnings represented a 51.72 percent increase from the N4.62 trillion recorded in Q3 2024, although it was 9.42 per cent lower than the N7.74 trillion earned in Q2 2025.
Total merchandise trade increased by 8.71 per cent year-on-year to N38.94 trillion in Q3 2025, and a 2.36 per cent increase from the preceding quarter.
The NBS stated that exports accounted for 58.59 per cent of total trade at N22.81 trillion, while imports stood at N16.12 trillion, or 41.41 per cent, adding that trade balance remained positive at N6.69 trillion, despite a 10.36 per cent decline from the previous quarter.
The report also showed that Nigeria’s major export items during the quarter included natural gas, other petroleum products in gaseous form, and refined petroleum products such as kerosene-type jet fuel.
It said these exports helped to offset weaker performance in some non-oil sectors, especially agriculture.
Nigeria’s largest export market remained Europe, as it received goods worth N8.71 trillion, which represented 38.16 per cent of total exports, largely due to crude oil shipments.
Europe is followed by Asia with N6.40 trillion (28.07 per cent) of trade value, while Africa accounted for N4.90 trillion (21.49 per cent), mainly petroleum products supplied to neighbouring countries.
According to the report, India emerged as Nigeria’s top single export destination in Q3 2025 with imports valued at N2.26 trillion.
It was followed by Spain with N1.83 trillion, France with N1.66 trillion, the Netherlands with N1.54 trillion, and Italy with N1.46 trillion. These five countries accounted for 38.34 per cent of total exports cumulatively during the period.
Nigeria’s trade within Africa and the West African sub-region showed that exports within the continent stood at N4.90 trillion, compared with imports of N595 billion.
Trade on the continent was dominated by oil trade, with crude petroleum oil export valued at N1.94 trillion, accounting for 39.57 per cent of Nigeria’s exports to the continent. This was followed by motor spirit at N707.05 billion and gas oil at N692.08 billion.
Within the ECOWAS sub-region, crude oil exports alone were valued at N1.32 trillion, representing 42.14 per cent of total exports to the sub-region.
