The Central Bank of Nigeria reported that the nation’s revenue from crude oil exports declined by 14.41 percent in 2025, falling to $31.54 billion from $36.85 billion in 2024. This reduction was primarily driven by a decrease in global oil prices caused by an oversupply of crude in international markets.
Europe continued to be the primary market for Nigerian oil, generating $14.67 billion or 46.51 percent of total export earnings. Spain emerged as the leading buyer in Europe at $3.30 billion, followed by France, the Netherlands, Italy, and Germany.
Exports to Asia totaled $6.93 billion, with India and Indonesia as the largest consumers in that region. North American demand reached $4.66 billion, split between Canada and the United States. Furthermore, African nations contributed $4.39 billion in total earnings, with South Africa identified as the top regional importer. Minor export contributions were also noted from South American countries, including Peru, Uruguay, and Brazil.
