Nigeria's Crude Oil Export Earnings Drop by $5.31 Billion

A report from the Central Bank of Nigeria indicates that crude oil export earnings fell sharply by $5.31 billion, declining from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41% year-on-year drop. This decline occurred despite Nigeria recording a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion surplus in 2024.

The report attributes the decrease in crude oil revenue to reduced export volumes, with Nigeria producing a total of 530.41 million barrels of crude oil in 2025, which was below its OPEC quota. The country struggled to meet its production target of 2.1 million barrels per day, achieving only 599.64 million barrels for the year.

Additionally, the report highlights a significant increase in gas export earnings, which rose from $8.66 billion in 2024 to $10.51 billion in 2025, indicating a structural shift in Nigeria's hydrocarbon export mix.