The Federal Government’s earnings from crude oil exports declined by 14.41 percent to $31.54 billion in 2025, down from $36.85 billion recorded in the corresponding period of 2024, according to the Central Bank of Nigeria (CBN).
The CBN disclosed this in its 2025 Annual Report and Statement of Account released on Wednesday, attributing the decline to lower international crude oil prices caused by a global oversupply during the review period.
The report stated that crude oil export earnings dropped from $36.85 billion in 2024 to $31.54 billion in 2025.
Europe remained Nigeria’s largest market for crude oil exports, accounting for $14.67 billion or 46.51 percent of total export value.
Among European buyers, Spain recorded the highest purchases at $3.30 billion (10.46 percent), followed by France with $3.24 billion (10.27 percent), the Netherlands with $2.70 billion (8.56 percent), Italy with $2.37 billion (7.51 percent) and Germany with $0.70 billion (2.22 percent).
Exports to Asia were valued at $6.93 billion, representing 21.97 percent of total crude export earnings.
Within that region, India imported $2.84 billion worth of Nigerian crude (9.00 percent), while Indonesia purchased $2.46 billion (7.80 percent).
The CBN said exports to North America amounted to $4.66 billion, or 14.77 percent of the total.
Canada accounted for $2.76 billion (8.75 percent), while the United States imported $1.90 billion (6.02 percent) worth of Nigerian crude.
Exports to South America stood at $0.76 billion, representing 2.41 percent of total earnings.
The report showed that Peru accounted for 1.33 percent, Uruguay 0.89 percent and Brazil 0.19 percent.
Nigeria earned $4.39 billion from crude oil exports to African countries, representing 13.92 percent of total crude export earnings.
Within Africa, South Africa was the largest buyer at $1.57 billion (4.98 percent), followed by Côte d’Ivoire with $1.31 billion (4.15 percent) and Senegal with $0.75 billion (2.38 percent).
