Nigeria’s Q2 2025 Trade Report: Crude Oil Dominates Exports as Petrol Tops Imports, Highlighting Structural Gaps

Nigeria’s foreign trade landscape in the second quarter of 2025 has reaffirmed the country’s heavy reliance on hydrocarbon exports, while simultaneously exposing persistent vulnerabilities in domestic energy and food supply chains. The latest data from the National Bureau of Statistics (NBS) reveals a clear hierarchy in Nigeria’s most traded products, shedding light on both economic strengths and structural challenges.

Exports: Hydrocarbons Reign Supreme
Crude oil maintained its position as Nigeria’s top export product, generating a staggering ₦11.97 trillion in Q2 2025. Petroleum gas followed at ₦1.99 trillion, with natural gas close behind at ₦1.93 trillion. Other key contributors included LPG and other hydrocarbons at ₦950.90 billion, and jet fuel (kerosene type) at ₦913.51 billion. These figures reflect Nigeria’s continued dependence on the oil and gas sector as the mainstay of foreign exchange earnings, underscoring the critical role hydrocarbons play in sustaining government revenue and economic activity.

Imports: Energy and Essentials Lead the Way
On the import side, petrol topped the chart with ₦2.38 trillion, signaling ongoing gaps in domestic refining capacity despite the presence of mega-refineries like Dangote’s. Interestingly, crude oil itself appeared as the second highest import at ₦1.64 trillion, highlighting inefficiencies in the local refining ecosystem and the challenges of balancing export commitments with domestic energy needs. Other significant imports included durum wheat at ₦503.72 billion, telecom and network devices at ₦313.66 billion, and diesel (gas oil) at ₦264.32 billion, emphasizing Nigeria’s continued dependence on imported food staples and critical technological infrastructure.

Reflecting on Trade Dynamics
The Q2 2025 trade data paints a picture of a dual economy: while Nigeria benefits from strong export revenues, especially from hydrocarbons, the simultaneous high-value imports of petrol and crude oil expose structural weaknesses in refining and energy management. Additionally, the country’s reliance on imported wheat and technology devices points to an urgent need for economic diversification, investment in local production, and policies that promote self-sufficiency.

For policymakers, these insights highlight the importance of leveraging export earnings to strengthen domestic industries, modernize infrastructure, and reduce import dependency. For investors, the data underscores both the opportunities in Nigeria’s thriving hydrocarbon sector and the untapped potential in agriculture, renewable energy, and technology manufacturing.

As Nigeria navigates the post-pandemic global economy, the Q2 2025 trade report is both a reminder of the country’s economic strengths and a call to action to address structural gaps for sustainable growth.