It has been observed from the literature over time that the bulk of recent studies on Nigerian FDI inflows and exports focused on non-oil exports while exports on oil has been ignored. In order to fill this gap, the study examines the relationship between FDI inflows and oil exports in Nigeria over the period of 1990 to 2016. Consequently, various diagnostic tests were carried out with the aid of the standard Augmented Dickey-Fuller (ADF), Phillips-Perron (PP) and Johansen Cointegration tests. The authors employed Dynamic Ordinary Least Square (DOLS) and Granger Causality approach to address the objective of the study. The findings that emerged in this study are as follows; FDI has a significant positive impact on oil exports in Nigeria. This confirms that the majority of foreign capital goes to oil and gas sector in this country. However, FDI and exchange rate have a significant negative relationship in the country. Furthermore, there is an existence of unidirectional causality which runs from FDI inflows to oil exports in Nigeria. Also, a unidirectional feedback flows from oil exports to exchange rate. Therefore, this paper recommends that the policy makers in Nigeria should see foreign capital as the backbone behind the oil exports in the country. And the proceeds from oil exports should be diversified and invested in the non-oil sector of the economy in order to stimulate a favourable exchange rate which can serve as catalyst that can facilitate further inflows of FDI in the country.