Nigeria crude oil earnings fell 14.41% to $31.54B in 2025, with gas and refining boosting total exports amid rising imports and external payments

Nigeria earned $31.54 billion from crude oil exports in 2025, the Central Bank of Nigeria (CBN) reported, marking a 14.41% decline from the $36.85 billion earned in 2024.

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Despite higher crude production, total oil earnings weakened, reflecting Nigeria’s continued reliance on oil as its main foreign income source.

The country recorded a current account surplus of $14.04 billion, down from $19.03 billion the previous year, primarily due to lower crude revenues.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed crude oil production rose to 530.41 million barrels, up from 408.68 million barrels in 2024.

Total oil and condensate production reached 599.64 million barrels, below the OPEC target of 766.5 million barrels, with outages and operational issues affecting output.

While crude revenue fell, total oil and gas exports grew to $48.17 billion, up from $45.51 billion in 2024.

Gas exports increased 21.36% to $10.51 billion, while refined petroleum exports reached $6.13 billion, supported by the Dangote Refinery.

Non-oil imports rose to $29.24 billion, with payments for services and dividends to foreign investors also increasing.

Fuel imports fell from $14.06 billion to $10 billion, though Nigeria still imported $3.74 billion worth of crude for refining.

Overall, the Balance of Payments surplus declined to $4.23 billion from $6.83 billion in 2024, while foreign reserves rose to $45.75 billion.

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The report highlights the shifting dynamics of Nigeria’s oil sector, where local refining and gas exports helped offset weaker crude earnings, even as rising imports and external payments reduced net gains.