Abuja, Oct. 13 — India has overtaken all other nations to become Nigeria’s largest crude oil buyer in the first quarter of 2025, with imports valued at ₦1.41 trillion, according to newly released data from the National Bureau of Statistics (NBS).
The figures reveal a notable reshuffling among Nigeria’s top oil customers. The Netherlands followed closely with imports worth ₦1.36 trillion, while France ranked third at ₦1.28 trillion, reflecting sustained demand from traditional European partners for Nigeria’s light, sweet crude.
“India’s dominance in Q1 is not unexpected, given its position as one of the world’s fastest-growing economies with a robust energy appetite,” the NBS noted, emphasizing Nigeria’s strategic role in meeting India’s refining and energy needs.
Between January and March 2025, Nigeria’s crude oil and petroleum-related exports totalled ₦12.96 trillion, representing nearly 63% of the country’s total export revenue during the quarter.
Diversification of Export Destinations
The report also highlighted a broadening of Nigeria’s crude export markets. Indonesia ranked fifth with imports worth ₦1.15 trillion, while Italy purchased ₦1.11 trillion in crude and an additional ₦135.61 billion in non-oil products.
The United States, which had been Nigeria’s top crude buyer in 2024, dropped to sixth place, importing ₦779 billion worth of oil. Analysts attributed the decline to rising U.S. shale production, though Nigerian crude continues to find demand in Gulf Coast refineries due to its high refining yield.
Despite production averaging 1.45 million barrels per day—well below the federal government’s target of 2.06 million barrels per day—Nigeria maintained strong export performance across multiple regions.
“Although India has consistently been among Nigeria’s leading crude destinations, the latest figures reaffirm the resilience of this trade relationship amid shifting global energy dynamics,” the NBS report stated.
Rising African Demand
A key development in the first quarter was the growth of intra-African crude oil trade. South Africa emerged as the only African country in Nigeria’s top ten buyers, importing ₦705 billion worth of crude. Other African markets also expanded, with Ivory Coast (₦404 billion), Senegal (₦328 billion), and Ghana (₦50.5 billion) increasing their imports.
“West African nations are increasingly sourcing oil from within the continent to reduce logistics costs and strengthen regional energy security,” the report observed.
Canada also featured among the top importers, ranking seventh with total crude purchases of ₦796.97 billion.
Nearly 98.85% of Nigeria’s exports in Q1 were transported via maritime routes, underscoring the country’s continued dependence on sea-based logistics for international trade.
Challenges and Strategic Outlook
While external demand for Nigerian crude remains robust, the sector continues to grapple with pipeline vandalism, oil theft, and ageing infrastructure, which limit production and revenue potential.
Nevertheless, the steady expansion of Nigeria’s export destinations—particularly within Africa—aligns with the country’s long-term vision under the African Continental Free Trade Area (AfCFTA), offering prospects for deeper regional integration and energy cooperation in the years ahead.
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