Oil producers exported crude oil and other petroleum products valued at N12.96 trillion in the first quarter of 2025, while local refineries continue to face challenges due to inadequate feedstock supply.
This situation persists despite the slow progress in implementing the Domestic Crude Supply Obligation and the Domestic Crude Refining Requirement, which are intended to ensure a sufficient crude supply for indigenous refineries.
According to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics, this N12.96 trillion accounts for 62.89 percent of Nigeria’s total export value during the reviewed period.
The report also indicates that Nigeria achieved a trade surplus of N5.17 trillion in the first quarter of 2025, marking a 51.07 percent increase from the N3.42 trillion recorded in the previous quarter.
Total trade for Q1 2025 reached N36.02 trillion, reflecting a 6.19 percent increase compared to the same period in 2024. The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion, indicating a significant rise of 51.07 percent compared to the previous quarter.
However, it is important to note that crude oil exports fell by 16.35 percent compared to the N15.49 trillion recorded in the same period of 2024 and also decreased by 6.01 percent from N13.78 trillion in the fourth quarter of 2024.
