Nigeria achieved a N5.17 trillion trade surplus in the first quarter of 2025 (Q1’25), marking a significant 52 percent quarter-on-quarter increase from the N3.4 trillion recorded in Q4’24.
Year-on-year, the surplus grew by 17.5 percent compared to N4.4 trillion in Q1’24, according to the latest Foreign Trade in Goods Statistics Report released by the National Bureau of Statistics (NBS).
The NBS stated, “The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion, indicating an increase of 52 percent compared to the value recorded in the preceding quarter.” Total merchandise trade for the quarter stood at N36.024 trillion, reflecting a 6.19 percent rise from N33.92 trillion in Q1’24 but a slight 1.58 percent decline from N36.6 trillion in Q4’24.
On the import side, Nigeria spent N15.42 trillion in Q1’25, representing a 4.59 percent increase from N14.75 trillion in the same period last year but a 7.02 percent drop from N16.59 trillion in Q4’24. China maintained its position as Nigeria’s top import partner, followed by India, the United States, the Netherlands, and the United Arab Emirates. Key imported commodities included gas oil, motor spirit, crude petroleum oils, cane sugar for sugar refinery, and durum wheat.
Exports surged to N20.59 trillion in Q1’25, up 7.42 percent from N19.17 trillion in Q1’24 and 2.92 percent from N20 trillion in Q4’24. Crude oil dominated export earnings at N12.95 trillion (62.89 percent of total exports), while non-crude oil exports contributed N7.64 trillion (37.11 percent), with non-oil products accounting for N3.16 trillion (15.38 percent).
The NBS report added, “Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.95 trillion representing 62.89 percent of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11 percent of total exports; of which non-oil products contributed N3.16 trillion or 15.38 percent of total exports.”
India, the Netherlands, the United States, France, and Spain emerged as Nigeria’s top export destinations. The most exported goods included crude oil, liquefied natural gas, petroleum gases, urea, and standard-quality cocoa beans.
