Nigeria’s crude oil export earnings dropped in 2025 compared to the previous year, according to the Central Bank of Nigeria.

The Federal Government’s crude oil export earnings fell 14.41 per cent to $31.54 billion in 2025 from $36.85 billion recorded in the corresponding period of 2024.

The drop was attributed to lower international crude oil prices arising from a global supply glut in the review period.

The Central Bank of Nigeria, CBN, made this disclosure in its 2025 Annual Report and Statement of Account released yesterday.

The report stated: “Crude oil export earnings fell by 14.41 per cent to $31.54 billion, relative to $36.85 billion in 2024.”

Europe remained the major source of the export earnings, with Spain leading the region in purchases of Nigeria’s crude oil.

The CBN stated: “By continent, Europe remained the major destination for Nigeria’s crude oil export, accounting for $14.67 billion or 46.51 per cent of the total export value.”

The apex bank added: “Within the region, Spain ranked highest with US$3.30 billion, accounting for 10.46 per cent of the total. This was followed by France at $3.24 billion (10.27%); the Netherlands at $2.70 billion (8.56%); Italy at $2.37 billion (7.51%); and Germany at $0.70 billion (2.22%).”

It said: “Other countries in the group accounted for the balance. Export to Asia followed, with a value of $6.93 billion (21.97%). In the group, India’s import of Nigeria’s crude oil was $2.84 billion (9.00%). This was followed by Indonesia, with a value of $2.46 billion (7.80%). Other countries in the group accounted for the balance.”

The CBN further stated: “Export to North America was $4.66 billion, accounting for 14.77 per cent. Canada and the US imported Nigeria’s crude worth $2.76 billion (8.75%) and $1.90 billion (6.02%), respectively.”

It added: “Export to South America was $0.76 billion (2.41%), with export to Peru, Uruguay and Brazil accounting for 1.33, 0.89, and 0.19 per cent, respectively. Nigeria realised $4.39 billion from the export of crude oil to Africa, representing 13.92 per cent of the total crude export.”

The report concluded: “Export to South Africa was the highest, with a value of $1.57 billion (4.98%), followed by Côte d’Ivoire at $1.31 billion (4.15%) and Senegal, at $0.75 billion (2.38%).”