Nigeria's Crude Oil Exports Plunge by N3.18 Trillion in H1 2025, Trade Surplus Strengthens

Nigeria's crude oil exports plummeted by N3.18 trillion in the first half of 2025, showcasing a significant decline compared to the same period in 2024. Data from the National Bureau of Statistics (NBS) revealed a drop in crude oil exports from N4 trillion in H1 2024 to N0.82 trillion in H1 2025.

Despite this decline, Nigeria recorded a stronger trade surplus in H1 2025, with total exports at N3 trillion and imports at N2 trillion. The country's reliance on crude oil exports for government revenue poses fiscal risks, highlighting the need for diversification.

Agricultural goods and solid minerals maintained steady export levels, while refined petroleum products saw a notable increase in export share.