Nigeria’s exports remain oil-dominated, but non-oil exports are steadily rising—reaching up to 18% in early 2025

Oil exports continued to dominate, averaging over 88% of total exports in 2024 and remaining above 81% in the first half of 2025.
Non-oil exports rose gradually, from a low of 6.9% (February 2024) to a high of 18.1% (January 2025).
Peaks in non-oil export contributions occurred in July 2024 (16.4%) and January–April 2025 (13–18%), indicating progress toward diversification.
Total exports remained heavily oil-driven, though sustained double-digit non-oil shares in late 2024 and early 2025 show a slow shift.

Nigeria’s exports remain heavily reliant on oil, but non-oil exports are gaining traction. In 2024, non-oil contributions ranged from 6.9% in February to 16.4% in July, with double-digit shares maintained in the second half of the year. Early 2025 saw non-oil shares reach 18.1% in January and stay above 11% through June, highlighting gradual diversification beyond oil.

Source:

National Bureau of Statistics (NBS)

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Period:

January 2024-June 2025

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Nigeria's non-oil exports grew faster than oil exports in 2024 and 2025, though oil remained dominant

In 2025, non-oil export growth (36%) was 6x higher than oil (6%).
In 2024, non-oil exports grew by 189% vs oil’s 108%.
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Export value rose from ₦36 trillion in 2023 to ₦85.1 trillion in 2025.

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The highest import value from Asia was recorded in Q1 at ₦8.7 trillion.
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China’s exports to Nigeria increased by 40% in 2025

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Nigeria’s export mix stayed oil-heavy in 2025, with crude oil above 75% in all quarters

Crude oil dominated Nigeria’s exports in all quarters of 2025
Q1 recorded the highest oil dependency at 81.5%.
Non-oil exports peaked in Q2 at 24.2%, representing the strongest diversification point in 2025.
The oil share dropped to its lowest in Q2 (75.8%), but still remained dominant.

In 2025, Nigeria imported crude oil for the first time in the past decade, accounting for 11% of its total crude oil trade

Key takeaways:

Nigeria recorded its first crude oil imports in a decade in 2025, marking a structural shift in trade dynamics.
Imports accounted for 11% of total crude oil trade in 2025.
Total crude oil trade grew sharply from ₦7 trillion in 2016 to ₦53.2 trillion in 2025, indicating long-term expansion.
Exports remain dominant, contributing ₦47.4 trillion in 2025 despite the emergence of imports.
2024 was the peak year for crude oil trade at ₦55.3 trillion, followed by a slight decline in 2025.
The 2020 dip of ₦9.4 trillion highlights vulnerability to global shocks, likely tied to oil price and demand disruptions.

Nigeria's petrol prices have surged 40% since the US/Israel-Iran War

Nigeria recorded the largest petrol price increase in Africa, rising 39.5% between February 23 and March 16, 2026.
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A few countries actually saw declines in fuel prices, including Madagascar (-3.9%) and Zambia (-4.6%).
During the period, petrol prices remained unchanged in 28 African countries.