FG’s crude export earnings dip 14% to $31.54bn in 2025 — CBN
Nigeria’s Crude Oil Export Earnings Decline in 2025
By Ediri Ejoh
Nigeria’s Federal Government reported a significant decline in crude oil export earnings for the year 2025, amounting to $31.54 billion, down 14.41% from $36.85 billion in 2024. This information was released in the Central Bank of Nigeria’s (CBN) Annual Report and Statement of Accounts, published on Thursday.
The decrease in earnings is attributed to reduced international crude oil prices, a result of a global supply glut during the review period. The CBN specifically noted, “Crude oil export earnings fell by 14.41% to $31.54 billion, relative to $36.85 billion in 2024.”
Europe emerged as the primary market for Nigeria’s crude oil, contributing $14.67 billion, or 46.51% of the total export value. Within Europe, Spain was the largest purchaser, importing crude worth $3.30 billion, representing 10.46% of overall exports. France followed closely with $3.24 billion (10.27%), followed by the Netherlands at $2.70 billion (8.56%), Italy at $2.37 billion (7.51%), and Germany at $0.70 billion (2.22%).
Asia was the second-largest destination, accounting for $6.93 billion, or 21.97% of exports. India led among Asian countries with imports valued at $2.84 billion (9.00%), followed by Indonesia at $2.46 billion (7.80%).
North America accounted for $4.66 billion, or 14.77% of total exports, with Canada and the United States importing $2.76 billion (8.75%) and $1.90 billion (6.02%), respectively.
Exports to South America were recorded at $0.76 billion (2.41%), with Peru, Uruguay, and Brazil collectively accounting for 1.33%, 0.89%, and 0.19% of the total value. In Africa, Nigeria garnered $4.39 billion from crude oil exports, representing 13.92% of the total. South Africa was the highest importer within the continent, purchasing $1.57 billion (4.98%), followed by Côte d’Ivoire at $1.31 billion (4.15%) and Senegal at $0.75 billion (2.38%).
