Nigeria's Crude Export Earnings Plummet 14.4% Despite Higher Oil Output

Nigeria's crude oil export earnings have declined by 14.4% to $31.54 billion in 2025, despite recording higher crude oil production during the year.

Data from the Central Bank of Nigeria's (CBN) 2025 Balance of Payments (BoP) Report showed that crude oil export receipts declined from $36.85 billion in 2024 to $31.54 billion in 2025, even as crude production rose significantly over the period.

The increase in production failed to translate into higher export earnings due to pipeline outages, operational disruptions, and production losses, which prevented Nigeria from consistently meeting the Organization of the Petroleum Exporting Countries (OPEC) production quota.

The broader oil and gas sector posted a stronger export performance during the year, driven by stronger gas exports and increased shipments of refined petroleum products. Gas export earnings rose by more than 21%, while refined petroleum exports strengthened as domestic refining capacity expanded.