Nigeria’s crude oil export earnings declined by 14.4 percent to $31.54 billion in 2025, despite recording higher crude oil production during the year, highlighting the country’s continued vulnerability to weaker international oil prices and persistent operational challenges.
Data from the Central Bank of Nigeria’s (CBN) 2025 Balance of Payments (BoP) Report showed that crude oil export receipts declined from $36.85 billion in 2024 to $31.54 billion in 2025, even as crude production rose significantly over the period.
The decline highlights the limitations of increasing output alone in boosting export revenues, as softer global crude prices and production disruptions continued to weigh on Nigeria’s foreign exchange earnings.
The lower oil receipts also affected the country’s external position, with Nigeria’s current account surplus narrowing to $14.04 billion in 2025 from $19.03 billion recorded the previous year.
According to the CBN, weaker proceeds from crude oil
This post was originally published on this site.
