Export Surge Lifts Nigeria’s Trade Balance In Q1

Nigeria’s external sector showed signs of strength in the first quarter of 2025 as increased exports across oil and non-oil segments boosted the current account surplus of $3.73 billion. This is as the balance of payments position was affected by slowing capital outflows, a drop in remittances, and a $2.37 billion decline in external reserves.

According to the data in the Q1 2025 Balance of Payments report of the Central Bank of Nigeria (CBN) Nigeria’s total exports rose to $13.91 billion in Q1 2025, a 9.8 percent increase from $12.66 billion in Q4 2024.

This growth was driven by a 26.7 percent surge in oil and gas exports, which amounted to $8.60 billion, and a notable 30.4 percent rise in non-oil exports, which climbed to $2.66 billion from $2.04 billion.
This saw the trade surplus rise to $4.16 billion, up from $2.62 billion in the previous quarter. The boost reflects both stronger global demand and exchange rate-induced competitiveness for Nigerian exports following a sharp depreciation of the naira.

Meanwhile, imports declined marginally to $9.75 billion from $10.05 billion in Q4 2024, aided by reduced demand for petroleum and non-oil products. This contraction in imports further widened the goods account surplus and supported the current account position.

The report also showed a current account surplus of $3.73 billion in Q1 2025 representing a marginal decline from $3.80 billion in Q4 2024 but a 1.08 percent increase over the $3.69 billion recorded in the same quarter of 2024.

Portfolio investment liabilities had reversed by $5.03 billion, swinging from inflows to outflows, driven largely by declining investor confidence and rising global uncertainties. Foreign direct investment (FDI) also suffered a 19.4 percent decline, falling to $250 million from $310 million in the previous quarter.
Other investment liabilities also reversed, showing a net outflow of $4.32 billion, while Nigerian-owned assets abroad increased by $1.31 billion, further compounding the outflow pressure.