Vanguard· 2h ago· 1 min read
By Ediri Ejoh
The Federal Government’s (FG) crude oil export earnings fell 14.41 percent to $31.54 billion in 2025 from $36.85 billion recorded in the corresponding period of 2024.
The drop was attributed to lower international crude oil prices arising from a global supply glut in the review period.
The Central Bank of Nigeria, CBN, made this disclosure in its 2025 Annual report and statement of account released yesterday.
The report stated: “Crude oil export earnings fell by 14.41 per cent to $31.54 billion, relative to $36.85 billion in 2024.”
Europe remained the major source of the export earnings where Spain led the region in purchases of Nigeria’s crude oil.
The CBN stated: “By continent, Europe remained the major destination for Nigeria’s crude oil export, accounting for $14.67 billion or 46.51 per cent of the total export value.
“Within the region, Spain ranked highest…
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