Nigeria generated $31.54 billion from crude oil exports in 2025, according to the Central Bank of Nigeria’s (CBN) Balance of Payments report released on March 23, 2026. The figure represents a 14.41% decline from $36.85 billion recorded in 2024, reflecting persistent challenges in output and external market dynamics.
The drop contributed to a narrower current account surplus of $14.04 billion for the full year—down from $19.03 billion in 2024—despite resilience in other segments of the external accounts. The CBN attributed the moderation partly to reduced crude export proceeds, which remained the dominant component of Nigeria’s hydrocarbon trade.
Production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed total crude oil output rose to 530.41 million barrels in 2025 from 408.68 million barrels in 2024. When combined with condensate, overall oil production reached 599.64 million barrels—still falling short of the budgeted target of 766.5 million barrels by 166.86 million barrels.
Nigeria met or slightly exceeded its OPEC quota in only three months (January, June, and July), missing targets in the remaining nine months due to operational disruptions, outages, and theft. Crude oil prices offered partial support during the year, but not enough to offset the impact of lower volumes.
While crude earnings declined, total exports of crude oil, gas, and refined petroleum products increased from $45.51 billion in 2024 to $48.17 billion in 2025. Gas export earnings rose 21.36% to $10.51 billion, and refined petroleum exports reached $6.13 billion—driven largely by the Dangote Refinery’s growing output of value-added products.
The goods account posted a surplus of $14.51 billion in 2025, up from $13.17 billion the previous year, bolstered by stronger gas exports and the emergence of refined products in the export mix. Refined petroleum imports fell sharply from $14.06 billion in 2024 to $10.00 billion in 2025, reflecting improved domestic refining capacity and reduced reliance on imported fuel.
Non-oil imports, however, rose 13.60% to $29.24 billion, driven by sustained demand for foreign goods. Deficits in the services account widened to $14.58 billion from $13.36 billion, while primary income outflows surged 60.88% to $9.09 billion due to higher dividend and interest payments to foreign investors.
Secondary income inflows, primarily remittances, eased slightly to $23.20 billion from $24.88 billion.
The report underscores Nigeria’s ongoing transition toward a more diversified export structure, with gas and refined products gaining prominence. However, crude oil’s continued dominance means production shortfalls and global price volatility remain critical vulnerabilities for the external sector.
Analysts note that sustained reforms to boost output, curb theft, and expand refining capacity will be essential to strengthen export earnings and improve the balance of payments outlook in the coming years.
