Crude Oil Exports Drop By 4.4% As Foreign Trade Hits N38.936trn In Q3

Nigeria’s total foreign trade rose to N38.94 trillion in the third quarter of 2025, marking an 8.71 per cent increase over the N35.82 trillion recorded in the same period of 2024, according to the latest foreign trade statistics, the National Bureau of Statistics (NBS) said in a statement that was released on Thursday.

Crude oil export fell by 4.47 per cent in the third quarter of 2025, declining to N12.81 trillion from N13.41 trillion recorded in the same period of 2024. Despite the drop in year-on-year performance, crude oil export value rose by 7.03 per cent compared to the N11.97 trillion reported in the second quarter of 2025, reflecting a slight recovery in output and pricing.

The total trade volume also represents a 2.36 per cent rise compared to the N38.04 trillion posted in the second quarter of 2025, reflecting continued recovery in trade activities despite fluctuations in global commodity prices.

Exports remained the dominant component of Nigeria’s trade profile, contributing 58.59 per cent of total trade at a value of N22.81 trillion. This represents an 11.08% increase from the N20.54 trillion recorded in Q3 2024 and a marginal 0.28% rise compared to the preceding quarter.

Total imports for the quarter were valued at N16.12 trillion, indicating a 5.51 per cent rise from the N15.28 trillion recorded in Q3 2024 and a 5.47 per cent increase over the N15.29 trillion posted in the preceding quarter. China maintained its position as Nigeria’s leading import partner, followed by the United States, India, the United Arab Emirates, and Belgium.

Petroleum oils, gas oil, motor spirit, durum wheat, and sugar cane were among the most imported commodities in the period.

Agricultural goods imports rose by 25.03 per cent year-on-year to N1.10 trillion but fell by 6.87 per cent from N1.18 trillion in Q2 2025. Raw material imports increased to N2.02 trillion, marking a 27.70 per cent rise from Q3 2024 and a 17.32 per cent increase from the previous quarter. Solid mineral imports, however, dropped by 18.82 per cent to N75.49 billion year-on-year but recorded a slight 6.50 per cent improvement compared to Q2 2025.

Manufactured goods imports rose by 11.28 per cent to N7.77 trillion year-on-year but dipped by 1.45 per cent against the preceding quarter. Importation of other oil products fell sharply by 52.05 per cent to N2.75 trillion compared to Q3 2024.

On the export side, India, Spain, France, the Netherlands and Italy emerged as Nigeria’s top trading partners. Key exports included crude oil, natural gas, kerosene-type jet fuel, and urea. Agricultural exports lagged at N786.62 billion, a decline of 11.69 per cent from Q3 2024 and a significant 37.39 per cent drop from Q2 2025.

Conversely, raw material exports surged to N1.04 trillion, a 136.38 per cent rise from the previous year and a 26.83 per cent increase compared to the preceding quarter.

Solid mineral exports grew by 29.75 per cent year-on-year to N100.81 billion, while manufactured goods exports stood at N978.53 billion—reflecting a 6.03 per cent decline from Q3 2024 but a notable 21.74 per cent rise over Q2 2025.

Overall, Nigeria maintained a positive trade balance in Q3 2025, primarily driven by gains in export earnings despite a year-on-year decline in crude oil sales.

The NBS data highlights a mixed performance across sectors, underscoring the need for deeper export diversification and stronger domestic production to cushion against fluctuations in global markets.