Nigeria earns $2.21bn from US crude exports in seven months

Nigeria raked in $2.21bn from crude oil exports to the United States between January and July 2025, fresh data from the US Census Bureau and Bureau of Economic Analysis has revealed.

The figure confirms Nigeria’s position as America’s biggest supplier of crude oil from Africa, even though shipments dropped compared to the same period last year. Within the seven-month window, Nigeria exported 28.7 million barrels of crude to the US far ahead of other African producers such as Libya, Angola, and Ghana.

According to the report, the customs value of Nigeria’s shipments  measured at the port of export  stood at $2.16bn. On a Cost, Insurance, and Freight (C.I.F.) basis, which includes shipping and insurance, the figure rose slightly to $2.21bn. The difference reflects the additional cost of transporting crude across the Atlantic.

However, the numbers show a clear year-on-year decline. In the first seven months of 2024, Nigeria exported 31.5 million barrels worth $2.78bn (customs) and $2.83bn (C.I.F.). That means export volumes are down by 8.8 per cent while earnings have plunged by about 22 per cent, a sign of weaker global prices and fluctuating demand for Nigerian crude.

The data also revealed strong fluctuations in monthly shipments. June 2025 was one of Nigeria’s best months, with exports hitting 6.95 million barrels, valued at $484m on a customs basis and $496m on a C.I.F. basis. But by July, shipments slumped to 4.4 million barrels, fetching just $328m (customs) and $336m (C.I.F.).

This sharp dip, analysts warn, underscores the uncertainty facing Nigeria’s oil exports. It reflects not just weaker global pricing but also production bottlenecks at home, threatening the country’s ability to sustain foreign exchange earnings.

Other African oil producers trailed far behind. Libya earned $729.3m from US-bound crude during the same period, Angola $426.6m, and Ghana $225.8m  all measured on a C.I.F. basis. Altogether, African crude exports to the United States totalled $3.82bn, with Nigeria alone accounting for more than half of that value.

The numbers highlight Nigeria’s outsized role in African crude supply to Washington, even though overall performance remains fragile.

The trend aligns with earlier figures from Nigeria’s National Bureau of Statistics, which showed that the country’s total crude oil exports fell by N3.18tn in the first half of 2025 despite a modest rise in production volumes.

According to the NBS, crude exports in H1 2025 were valued at N24.92tn, compared to N28.10tn in the same period of 2024 an 11.3 per cent year-on-year decline. The steepest fall came in the first quarter, when exports dropped by N2.53tn (16.3 per cent). In the second quarter, the decline eased to N642bn (5.1 per cent).

The contribution of crude oil to Nigeria’s total exports is also shrinking. In Q1 2024, crude made up 80.8 per cent of all exports. By Q1 2025, this had fallen to 62.9 per cent a drop of nearly 18 percentage points.

The US trade data, combined with NBS figures, points to a worrying trend for Africa’s biggest oil exporter. While Nigeria still dominates African crude supplies to Washington, its earnings have been hit by weaker prices, unstable output, and stiffening global competition.

For a government already battling to stabilise the naira, rebuild foreign reserves, and plug revenue gaps, the fragility of oil exports raises deeper concerns about economic sustainability.