Crude oil exports dip 30% in Q4 2025 –NBS

•Imports rise to N17.25trn

From Adanna Nnamani, Abuja

Nigeria’s crude oil exports dropped by nearly 30 per cent in the fourth quarter of 2025, according to the latest foreign trade statistics released by the National Bureau of Statistics (NBS).

The data showed that the value of crude oil exports fell to N9.70 trillion in Q4 2025, representing a 29.60 per cent decline from N13.78 trillion recorded in the corresponding quarter of 2024.

The figure also indicated a 24.24 per cent decrease compared to N12.81 trillion posted in the third quarter of 2025. The sharp drop in crude oil exports contributed significantly to the moderation in Nigeria’s trade surplus during the period under review.

According to the NBS, total exports in Q4 2025 stood at N18.96 trillion, reflecting a 5.25 per cent decline from N20.01 trillion recorded in Q4 2024 and a 16.88 per cent decrease compared to N22.81 trillion in Q3 2025.

Despite the decline in export earnings, Nigeria maintained a trade surplus in the fourth quarter of the year as the value of exports remained slightly higher than imports. Analysis of the report showed that Nigeria’s top export destinations during the quarter were The Netherlands, India, Spain, France and Canada, while the most exported commodities included crude oil, natural gas, kerosene-type jet fuel, other petroleum gases in a gaseous state, and urea.

Further breakdown of the data revealed mixed performance across other export segments.

Exports of agricultural goods stood at N1.32 trillion in Q4 2025, representing a 14.11 per cent decline from N1.54 trillion recorded in Q4 2024, but a 68.20 per cent increase compared to N786.62 billion in Q3 2025.

Similarly, raw material exports rose significantly to N1.19 trillion, reflecting a 77.69 per cent increase from N671.12 billion in Q4 2024 and a 14.70 per cent rise from N1.04 trillion recorded in the previous quarter.

In the solid minerals sector, exports were valued at N116.84 billion, marking a 92.48 per cent increase from N60.70 billion in Q4 2024 and a 15.90 per cent rise compared to N100.81 billion in Q3 2025.

However, manufactured goods exports declined sharply, dropping to N423.43 billion in the fourth quarter of 2025. This represented a 14.32 per cent decrease from N494.22 billion in Q4 2024 and a 56.73 per cent drop compared to N978.53 billion recorded in Q3 2025.

Meanwhile, exports of other oil products were valued at N6.12 trillion, representing an 80.45 per cent increase from N3.39 trillion in Q4 2024, although the figure declined by 12.77 per cent compared to N7.01 trillion recorded in Q3 2025.

On the import side, the NBS report showed that total imports rose to N17.25 trillion in Q4 2025, reflecting a 3.98 per cent increase from N16.59 trillion recorded in the corresponding quarter of 2024 and a 1.73 per cent rise compared to N16.96 trillion in Q3 2025.

Analysis of Nigeria’s import trade revealed that China remained the country’s largest import partner, followed by the United States, the Netherlands, India and Brazil.

The most imported commodities during the quarter included premium motor spirit (petrol), durum wheat, crude petroleum oils, cane sugar meant for sugar refinery and used vehicles with diesel or semi-diesel engines.

The NBS noted that while crude oil continued to dominate Nigeria’s export earnings, fluctuations in oil exports remain a major factor influencing the country’s overall trade performance.