Nigeria’s crude oil producers exported roughly N12.96 trillion value of the product within the first quarter (Q1) of 2025, amid experiences that some native refiners had been experiencing difficulties in assessing crude oil for his or her operations.
This represents a N2.53 trillion or 16.34% drop when in comparison with the N15.49 trillion value of crude oil that was exported in Q1 2024 and a N828 billion or 6.01% drop when in comparison with the N13.78 trillion value of the product that was exported in This autumn 2024.
In response to the newest Overseas Commerce in Items Statistics launched by the Nationwide Bureau of Statistics (NBS) and seen by Nairametrics, the N12.96 trillion crude oil export represents 62.89% of Nigeria’s complete export worth of N20.6 trillion for Q1 2025.
Regardless of the drop in crude oil exports, Nigeria recorded a commerce surplus of N5.17 trillion in Q1 2025, a rise of 51.07% from the N3.42 trillion posted within the earlier quarter. The nation’s complete commerce worth stood at N36.02 trillion, reflecting a 6.19% year-on-year enhance.
The report additionally famous that complete commerce for Q1 2025 reached N36.02, a 6.19 per cent enhance in comparison with the identical interval in 2024.
Regardless of the dip, crude oil remained the nation’s dominant export commodity, far outpacing different merchandise reminiscent of liquefied pure fuel, petroleum gases, urea, and cocoa beans.
The NBS report reveals India imported the most important quantity of Nigerian crude in Q1 2025, spending N1.41 trillion. It was adopted by the Netherlands (N1.36 trillion), France (N1.28 trillion), Spain (N989.5 billion), and the US (N779.3 billion). Inside Africa, South Africa led crude purchases at N704.7 billion, adopted by Côte d’Ivoire (N403.9 billion), Senegal (N327.8 billion), and Ghana (N50.5 billion).
Regardless of home challenges, Nigeria’s non-crude oil exports confirmed robust efficiency. Different oil merchandise generated N4.48 trillion in Q1 2025, marking a 134.24% enhance from the N1.91 trillion recorded a yr earlier and a 32.07% rise from This autumn 2024’s N3.39 trillion.
The -states, “Crude oil exports in Q1 2025 had been valued at N12,955.03 billion; the worth decreased by 16.35% from N15,486.63 billion in Q1 2024 and by 6.01% from N13,783.00 billion in This autumn 2024.
‘’Different oil product exports in Q1 2025 stood at N4,475.58 billion, displaying a rise of 134.24% rise from N1,910.71 billion in Q1 2024 and in addition to increaseof 32.07% from N3,388.80 billion in This autumn, 2024.’’’
The NBS additionally reported that Nigeria’s petrol import invoice fell sharply within the first quarter of 2025, dropping to N1.76 trillion from N3.81 trillion recorded within the corresponding interval of 2024.
The decline is essentially attributed to elevated home provide from the Dangote Refinery, which has continued to scale up operations.
The report additional reveals that petrol was Nigeria’s most imported product from ECOWAS nations within the first quarter of 2025, accounting for N89.18 billion or 44.51% of complete imports from the subregion.
What it’s best to know
Crude oil remained Nigeria’s dominant export commodity, considerably outpacing different key exports reminiscent of liquefied pure fuel, petroleum gases, urea, and cocoa beans.
The main export locations through the interval included India, the Netherlands, the US, France, and Spain, displaying Nigeria’s continued reliance on worldwide consumers amid restricted home refining capability.
In the meantime, in a associated growth, the Nigerian Upstream Petroleum Regulatory Authority (NUPRC), in its newest crude oil and condensate manufacturing reported that Nigeria’s crude oil manufacturing declined to 1,452,941 barrels of oil per day (bpd) in Could 2025.
This represents a 2.20% drop in comparison with the 1,485,700 bpd in April.
With the addition of condensate, the NUPRC mentioned oil manufacturing dropped from 1.68 million bpd in April to 1.65 million bpd in Could.
The NUPRC additionally famous that the common crude oil manufacturing for Could represents 97% of the 1.5 million bpd quota set for Nigeria by the Organisation of Petroleum Exporting International locations (OPEC).
