Nigeria loses N3.18tn in crude earnings despite output growth
Nigeria’s crude oil export earnings fell by N3.18 trillion in H1 2025, even as production rose by nearly 13 per cent, according to the National Bureau of Statistics (NBS). Crude exports totalled N24.92tn between January and June 2025, down from N28.10tn in the same period of 2024 — an 11.3% year-on-year decline. By contrast, crude output climbed to 266.9m barrels in H1 2025, up from 236.7m barrels in H1 2024, data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed. Quarter-by-quarter breakdown Q1 2025: Crude exports N12.96tn vs N15.49tn in Q1 2024 (-16.3%). Q2 2025: Crude exports N11.97tn vs N12.61tn in Q2 2024 (-5.1%). Crude’s share of total exports fell sharply: From 80.8% in Q1 2024 to 62.9% in Q1 2025. From 71.2% in Q2 2024 to 52.6% in Q2 2025. Non-crude exports surge Non-crude exports more than doubled to […]