Nigeria earned $2.21 billion from crude oil exports to the United States in the first seven months of 2025, new figures from the US Census Bureau and Bureau of Economic Analysis show.
Despite remaining America’s largest African crude supplier, Nigeria’s shipments and earnings fell sharply compared to last year, reflecting both weaker global oil prices and declining volumes.
Drop in Volumes and Value
Between January and July 2025, Nigeria exported 28.7 million barrels of crude to the US, earning $2.16bn on a customs-value basis and $2.21bn on a Cost, Insurance and Freight (C.I.F.) basis.
By contrast, the same period in 2024 saw 31.5 million barrels shipped, generating $2.78bn (customs) and $2.83bn (C.I.F.).
• Volume decline: –8.8%
• Value decline: –22%
Analysts say the sharper fall in dollar value highlights weaker average crude prices in 2025.
Monthly Fluctuations
• June 2025: 6.95m barrels worth $484m (customs) and $496m (C.I.F.) — the year’s strongest month.
• July 2025: 4.4m barrels worth $328m (customs) and $336m (C.I.F.) — a sharp drop due to lower volumes and softer prices.
Africa’s Top Oil Exporters to US
(Jan–Jul 2025, C.I.F. basis)
• Nigeria: $2.21bn
• Libya: $729.3m
• Angola: $426.6m
• Ghana: $225.8m
Total African crude exports to the US stood at $3.82bn, with Nigeria contributing more than half.
Domestic Data Confirms Decline
Nigeria’s National Bureau of Statistics (NBS) also reported weaker oil earnings:
• Q1 2025: N12.96tn exports vs N15.49tn in Q1 2024 (–16.3%).
• Q2 2025: N11.97tn vs N12.61tn in Q2 2024 (–5.1%).
• Crude share of exports dropped from 80.8% in Q1 2024 to 52.6% in Q2 2025.
Challenges Facing Nigeria’s Oil Exports
• Price volatility in global crude markets.
• Competition from alternative suppliers to the US.
• Infrastructure issues — theft, vandalism, and logistical bottlenecks.
• Shifting US demand as shale oil production reduces reliance on imports.
Despite recent improvements in production due to reduced oil theft, analysts warn that higher output has not fully translated into stable export receipts.
Industry Voices
Ukadike Chinedu, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN):
“We must give it to the government this time, because their ability to curtail oil theft has really positively impacted crude output. But sustaining revenues is key for forex stability.”
Economists, however, caution that declining oil earnings remain a fiscal risk, as Nigeria relies heavily on crude for foreign exchange and government revenue.
Outlook
Nigeria’s crude export performance for the rest of 2025 will depend on:
• Global oil price recovery,
• Stability of domestic production, and
• US energy demand dynamics.
For now, Nigeria retains its spot as Washington’s biggest African oil supplier, but falling earnings underscore the urgency of export diversification.
