Data from the Central Bank of Nigeria (CBN) Balance of Payments (BOP) report for 2025 has revealed that Nigeria generated $31.54 billion from crude oil exports in 2025.
The figure represents a 14.41 per cent decline from $36.85 billion recorded in 2024,
The drop in crude oil earnings occurred alongside a current account surplus of $14.04 billion in 2025, lower than $19.03 billion in 2024.
The CBN attributed the moderation partly to reduced crude oil export proceeds.
Meanwhile, the decline in earnings occurred despite higher crude oil production in 2025.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that total crude oil production rose to 530.41 million barrels in 2025, compared to 408.68 million barrels in 2024.
However, overall oil output remained below expectations. Nigeria produced a combined 599.64 million barrels of crude oil and condensate during the year, falling short of its budget target of 766.5 million barrels. This translates to a shortfall of 166.86 million barrels.
