CBN Puts Nigeria’s Trade Surplus In January At $2.2bn

Nigeria’s trade surplus more than doubled in January 2025, reaching $2.2 billion, a 107.5 percent month-on-month increase from $1.06 billion recorded in December 2024, according to the Central Bank of Nigeria (CBN).

The apex bank disclosed the figures in its January 2025 Monthly Economic Report, attributing the sharp rise to increased export earnings and modest growth in import volumes. The CBN report noted that “trade activities in the review period resulted in a higher trade surplus. Provisional data indicated that the trade surplus rose to $2.2 billion, from $1.06 billion in December 2024.”

According to the CBN, export receipts jumped by 29.09 percent to $5.37 billion in January, from $4.16 billion in the previous month, driven by gains in both oil and non-oil exports. Crude oil and gas exports were the primary contributors, with earnings rising to $4.80 billion, up from $3.62 billion in December.

The surge was attributed to higher crude oil prices and increased domestic production. Brent crude averaged $80.76 per barrel during the month, up from $74.72, while production rose to 1.54 million barrels per day (mbpd), from 1.48 mbpd.

Disaggregated data showed crude oil export earnings rose significantly to $3.86 billion from $2.68 billion, while gas exports inched up to $950 million from $940 million.

Non-oil exports also posted a slight uptick, climbing to $560 million from $540 million in December. The increase was largely linked to stronger agricultural commodity exports, supported by government initiatives such as *Export 35 Redefined* and *Go Global, Go for Certification*, the CBN said.

On the import side, total merchandise imports grew marginally by 2.26 percent to $3.17 billion, from $3.10 billion in December. This growth was driven primarily by a rise in non-oil imports, particularly raw materials for the industrial sector, as companies restocked inventories after year-end sales.

Non-oil imports rose to $2.37 billion, from $2.26 billion in the previous month. However, petroleum product imports declined by 3.61 percent to $800 million, down from $830 million.