Sun. Jun 29th, 2025

Nigerian Crude Exports Dominate Q1 2025 Trade Despite Domestic Refinery Struggles

Oil producers exported crude oil and petroleum products worth N12.96 trillion in Q1 2025, representing 62.89% of Nigeria’s total export value despite ongoing domestic refinery supply challenges. The figure comes amid slow implementation of the Domestic Crude Supply Obligation and Domestic Crude Refining Requirement designed to ensure sufficient crude supply to indigenous refineries.

India emerged as Nigeria’s top crude buyer with N1.41 trillion in purchases, followed by the Netherlands (N1.36 trillion), France (N1.28 trillion), Spain (N989.54 billion), and the United States (N779.39 billion). Within Africa, South Africa led continental purchases at N704.73 billion.

Despite crude exports declining 16.35% compared to Q1 2024, the commodity remained Nigeria’s dominant export, far outpacing liquefied natural gas, petroleum gases, urea, and cocoa beans. Other oil product exports generated N4.48 trillion, marking a significant 134.24% increase from Q1 2024.

The Crude Oil Refinery Owners Association of Nigeria continues highlighting challenges accessing crude oil locally, with producers preferring international dollar sales. The association’s Publicity Secretary Eche Idoko stressed that enforcement of domestic crude supply obligations remains weak despite regulatory authority statements.

Source: punchng.com

By Editor

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