India, Netherlands, France Emerge Top Destinations for Nigeria’s N12.96tn Oil Sale in Q1, 2025

Emmanuel Addeh in Abuja 

Nigeria’s crude oil export market witnessed a significant shift in Q, 2025, with India emerging as the country’s largest buyer of petroleum products, trade data released by the National Bureau of Statistics (NBS) has revealed. 

The Asian economic giant, the NBS said, imported Nigerian oil valued at approximately N1.41 trillion between January and March 2025, outpacing traditional European buyers and reaffirming its long-standing energy ties with Africa’s largest oil producer.

Closely following India on the list of major destinations for Nigerian crude was the Netherlands, which received exports worth about N1.36 trillion within the same period. France, another traditional trade ally, came third, importing oil valued at N1.28 trillion. 

A THISDAY review showed that Nigeria’s crude oil exports are primarily directed toward a mix of countries in Europe, Asia, North America, and Africa, with trade patterns shifting slightly each year based on global demand, refinery compatibility, and geopolitical factors.

In the whole of 2024, the top destination for Nigerian crude was the United States, which imported over N3.6 trillion worth of oil, reclaiming its place as Nigeria’s biggest customer in that year. The changing trend in Nigeria’s customers now means a diversification of export destinations.

The dominance of India in Q1 is not unexpected, given its status as one of the world’s fastest-growing economies with a robust energy demand. Nigerian crude, known for its low sulfur content and ease of refining, fits neatly into India’s refining basket. 

Although over the past several years, India has consistently ranked among Nigeria’s top oil destinations, the latest data confirms that this trend remains strong despite shifting global energy dynamics.

Besides, European countries, particularly the Netherlands, France, and Spain, also featured prominently.  Spain imported Nigerian crude worth N990 billion, maintaining its position as a critical partner in West African energy trade.

The Netherlands, often a key gateway for crude bound for refineries across northern Europe, remains an important hub for the continent’s energy supply. France’s intake, also exceeding a trillion-naira mark, reflected a sustained demand and the continuation of long-term purchase agreements.

Outside Europe and Asia, the United States imported crude oil valued at N779 billion, underscoring a steady, but less dominant, demand for Nigerian barrels. 

While American shale oil production has reduced US dependence on foreign oil over the years, Nigerian crude still finds a niche in US refineries, particularly in the Gulf Coast, which can process light, sweet crudes efficiently.

In the same vein, in the first quarter of 2025, Canada ranked seventh among Nigeria’s export destinations, receiving N796.97 billion worth of crude oil. This made crude oil the overwhelming portion of Nigeria’s exports to Canada.

Also, Indonesia emerged as Nigeria’s fifth-largest crude buyer in Q1, 2025, importing N1.15 trillion of crude, while crude oil exports to Italy totaled N1.11 trillion, with an additional N135.61 billion in non-oil goods, bringing total exports to N1.24 trillion.

Furthermore, although at a smaller scale, African buyers played an increasingly important role in Nigeria’s export profile, with South Africa emerging as the only country in the top 10. The regional partner imported oil valued at N705 billion.

Other West African countries, including Ivory Coast and Senegal, were also among Nigeria’s oil buyers during the period. Ivory Coast imported crude worth N404 billion, while Senegal purchased N328 billion in Nigerian oil, meaning that West African countries are increasingly sourcing oil from within the continent to cut logistics costs. Ghana bought N50.5 billion crude from Nigeria during the period.

In total, crude oil and petroleum-related exports contributed N12.96 trillion to Nigeria’s external trade in the first quarter of the year, accounting for nearly 63 per cent of total export revenue.

The data comes at a time when the country is facing serious output challenges, despite recent improvement in the last two years. Average crude oil production in Q1 hovered around 1.45 million barrels per day, well below the 2.06 million barrels per day target projected in the 2025 federal budget. 

Issues ranging from pipeline vandalism to oil theft and ageing infrastructure have continued to constrain output, limiting the country’s ability to fully capitalise on high global oil prices.

The expansion of Nigeria’s customer base beyond traditional markets to include more African countries bodes well for the future as regional trade agreements like the African Continental Free Trade Area (AfCFTA) take shape.

Analysis by mode of transport revealed that most commodities exported out of Nigeria were by sea in the first quarter of 2025, accounting for 98.85 per cent of total exports.