Nigeria earned $2.21 billion from crude oil exports to the United States in the first seven months of 2025, according to new data from the US Census Bureau and the Bureau of Economic Analysis. The figures reaffirm Nigeria’s position as Washington’s largest African crude supplier, though exports have weakened compared to last year.
Between January and July 2025, Nigeria shipped 28.7 million barrels of crude to the US, significantly ahead of Libya, Angola, and Ghana. On a customs basis, which measures crude at the export point, the oil was valued at $2.16 billion. On a Cost, Insurance, and Freight (C.I.F.) basis, which includes shipping and insurance, the figure rose slightly to $2.21 billion. This difference highlights the additional costs of transporting crude across the Atlantic.
However, compared to the same period in 2024, both volumes and earnings dropped. Nigeria exported 31.5 million barrels worth $2.83 billion on a C.I.F. basis in the first seven months of last year. This year’s figures represent an 8.8 per cent fall in volume and a sharper 22 per cent decline in value, reflecting weaker oil prices in 2025.
Monthly data revealed sharp swings. In June, exports surged to 6.95 million barrels valued at nearly $496 million (C.I.F.), one of the year’s strongest months. But July saw a sharp drop to 4.4 million barrels, worth $336 million. The slump reflected both lower volumes and softer prices, raising concerns about Nigeria’s ability to maintain consistent shipments.
Other African oil producers recorded smaller sales to the US. Libya earned $729.3 million, Angola $426.6 million, and Ghana $225.8 million in the same seven-month period. Collectively, African crude exports to the US were worth $3.82 billion, with Nigeria contributing more than half.
The data underscores Nigeria’s importance in global energy supply but also its vulnerability. The year-on-year decline highlights the country’s exposure to fluctuations in oil prices and demand. At a time when Nigeria is grappling with foreign exchange shortages, falling crude receipts threaten fiscal stability.
Separate figures from the National Bureau of Statistics (NBS) also showed a steep fall in crude earnings. Nigeria’s oil exports in the first half of 2025 were valued at N24.92 trillion, down from N28.10 trillion in the same period of 2024,a loss of N3.18 trillion. The sharpest decline was in Q1 2025, when exports fell 16.3 per cent year-on-year. In Q2, the decline moderated to 5.1 per cent.
The NBS report also revealed crude oil’s shrinking share of total exports. In Q1 2024, oil accounted for over 80 per cent of exports, but by Q2 2025, it had dropped to just 52.6 per cent. Analysts warn that this shift does not necessarily indicate diversification, but rather declining oil revenues.
Experts cite volatile global prices, stiff competition, oil theft, and infrastructure challenges as major obstacles. The US shale boom has also reduced America’s dependence on external crude, tightening the market for African producers.
While rising production has offered some relief, experts stress that Nigeria must urgently diversify its export base. Until then, the country’s fiscal health will remain closely tied to crude oil performance.
