2025 Nigeria Crude Oil Revenue ReportNigeria crude oil export earnings reached $31.54 billion in 2025, representing a 14.41% decrease from the $36.85 billion generated in 2024.
This data, sourced from the Central Bank of Nigeria Balance of Payments report, indicates a contraction in petroleum receipts despite an increase in total annual production.
Annual crude oil production rose to 530.41 million barrels in 2025 from 408.68 million barrels in 2024. However, this output remained 166.86 million barrels below the 766.5 million barrel target established in the 2025 budget.
Nigeria failed to meet monthly OPEC production quotas for nine months of the year due to technical outages and infrastructure disruptions.The operational scale-up of the Dangote Refinery shifted trade dynamics.
Nigeria spent $3.74 billion importing crude oil as feedstock for domestic use, while refined petroleum exports surged to $6.13 billion. Increased domestic refining capacity also facilitated a 28.9% decline in fuel import costs, which dropped from $14.06 billion to $10.00 billion.
External reserves grew by 13.8% to close 2025 at $45.75 billion. The overall balance of payments surplus decreased by 38.1%, totaling $4.23 billion, while the current account surplus fell to $14.04 billion from $19.03 billion in 2024. Gas export revenue provided a partial offset, rising 21.36% to $10.51 billion.
Source: Nairametrics
