By Ediri Ejoh

The Federal Government’s (FG) crude oil export earnings fell 14.41 percent 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 where Spain led 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.

“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%).

“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.

“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.

“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.

“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%).”

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