The Federal Government of Nigeria reported a 14.41% decline in crude oil export earnings, totaling $31.54 billion in 2025, down from $36.85 billion in 2024. This decrease is primarily attributed to lower international crude oil prices due to a global supply glut. The Central Bank of Nigeria (CBN) disclosed these figures in its 2025 Annual Report. Europe remains the largest market for Nigerian crude, with Spain leading at $3.30 billion, followed closely by France and the Netherlands. Exports to Asia totaled $6.93 billion, with India being a significant importer. North America accounted for $4.66 billion, while South America and Africa contributed smaller amounts to the overall earnings. The report highlights the shifting dynamics in Nigeria's crude oil export markets amidst fluctuating global prices.
NigeriaNewsFeed summary based on reporting from Vanguard News.
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