Nigeria earned $31.54 billion from crude oil exports in 2025, according to data released by the Central Bank of Nigeria. The figure represents a 14.41% drop from $36.85 billion recorded in 2024.
The bank’s Balance of Payments report shows the decline occurred despite an increase in crude oil production, which rose to 530.41 million barrels in 2025. Total output, including condensates, stood at 599.64 million barrels, falling short of the government’s target of 766.5 million barrels.
The report links the drop in earnings to weaker oil receipts and production inefficiencies, with Nigeria missing its OPEC quota in most months of the year. The country recorded a current account surplus of $14.04 billion, down from $19.03 billion in 2024.
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However, overall oil and gas exports rose to $48.17 billion, supported by stronger gas sales and increased refined petroleum exports, partly driven by operations at the Dangote Refinery.
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