Nigeria’s revenue from crude oil exports fell sharply by $5.31 billion in 2025, even though the country produced more oil compared to the previous year. Data from the Central Bank of Nigeria show crude oil export earnings declined from $36.85 billion in 2024 to $31.54 billion in 2025, a 14.4% drop.

The decline contributed to a lower current account surplus of $14.04 billion, down from $19.03 billion in 2024. While crude oil production rose to 530.41 million barrels last year from 408.68 million barrels in 2024, output remained below Nigeria’s OPEC quota for most of the year and fell short of the government’s target of 766.5 million barrels.

Exports of gas and refined petroleum products partially offset the losses. Gas exports rose from $8.66 billion to $10.51 billion, and refined petroleum products, boosted by the Dangote Refinery, reached $6.13 billion. Total oil and gas exports increased slightly from $45.51 billion to $48.17 billion.

Rising non-oil imports, higher payments for services, and increased investment outflows also put pressure on Nigeria’s external sector. Despite this, the goods account recorded a surplus of $14.51 billion, helped by higher gas exports and reduced fuel imports.

By the end of 2025, Nigeria’s balance of payments recorded a $4.23 billion surplus, while external reserves rose to $45.75 billion. Meanwhile, state governments have urged a forensic audit of crude oil-backed borrowing arrangements, citing concerns that opaque deals may be weakening federal revenue inflows.