Nigeria Records N1.71trn Trade Surplus Despite Decline In Exports

Nigeria recorded a positive foreign trade balance of N1.71 trillion in the fourth quarter of 2025, despite a decline in total trade and exports largely driven by reduced crude oil shipments.

Latest foreign trade statistics released on Tuesday by the National Bureau of Statistics (NBS) showed that the country’s total merchandise trade stood at N36.21 trillion in the fourth quarter of 2025.

This represents a 1.07 per cent decline from the N36.60 trillion recorded in the corresponding period of 2024 and an 8.94 per cent drop compared with N39.77 trillion recorded in the preceding quarter.

The decline in trade value during the period was mainly attributed to a fall in crude oil exports, which remain Nigeria’s dominant export commodity.

According to the NBS report, total exports in the fourth quarter were valued at ₦18.96 trillion, accounting for 52.36 per cent of total trade during the period under review.

However, exports declined by 5.25 per cent from N20.01 trillion recorded in the fourth quarter of 2024 and fell more sharply by 16.88 per cent when compared with N22.81 trillion in the third quarter of 2025.
Crude oil continued to dominate Nigeria’s export profile, with shipments valued at N9.70 trillion, representing 51.17 per cent of total exports.

Non-crude oil exports were valued at N9.26 trillion, accounting for 48.83 per cent of total exports. Within this category, non-oil products contributed N3.15 trillion, representing 16.59 per cent of the country’s export earnings.

A breakdown of exports by product categories showed that mineral products remained Nigeria’s largest export group, valued at N16.02 trillion and accounting for 84.50 per cent of total export value.

This was followed by exports of prepared foodstuffs, beverages, spirits, vinegar and tobacco valued at N1.03 trillion, representing 5.43 per cent of exports.
Products of the chemical and allied industries ranked third with exports worth N1.03 trillion or 5.41 per cent of total exports.

On the import side, Nigeria imported goods worth N17.25 trillion during the fourth quarter of 2025, accounting for 47.64 per cent of total trade.

This represents a 3.98 per cent increase compared with N16.59 trillion recorded in the same quarter of 2024 and a 1.73 per cent rise from N16.96 trillion recorded in the third quarter of 2025.

According to the NBS, machinery and transport equipment ranked as Nigeria’s top import category during the quarter, valued at N5.13 trillion and accounting for 29.75 per cent of total imports.
Mineral fuels followed with imports valued at N4.52 trillion, representing 26.19 per cent of total imports, while chemicals and related products accounted for N2.70 trillion or 15.68 per cent.

Analysis by region showed that Nigeria imported most of its goods from Asia, valued at ₦8.08 trillion and representing 46.83 per cent of total imports.

Europe ranked second with imports valued at N5.75 trillion or 33.31 per cent, followed by the Americas with N2.67 trillion representing 15.47 per cent of total imports.

Imports from African countries stood at ₦696.13 billion or 4.04 per cent of total imports, while goods from Oceania accounted for N62.17 billion.
Further analysis showed that China remained Nigeria’s largest source of imports, accounting for ₦5.39 trillion or 31.22 per cent of total imports during the quarter.

The United States followed with imports valued at N1.61 trillion representing 9.34 per cent, while goods imported from the Netherlands were valued at N1.52 trillion or 8.80 per cent.

India accounted for N1.12 trillion or 6.47 per cent of total imports, while Brazil supplied goods worth N685.69 billion, representing 3.97 per cent.

On the export side, Europe emerged as the largest destination for Nigerian goods during the quarter, with exports valued at N6.87 trillion or 36.24 per cent of total exports.

Asia followed with N5.11 trillion representing 26.94 per cent, while exports to African countries were valued at N3.41 trillion or 18.01 per cent. Exports to the Americas stood at ₦3.29 trillion, representing 17.35 per cent of the total export value.

The Netherlands emerged as Nigeria’s single largest export destination, receiving goods worth N2.03 trillion or 10.72 per cent of total exports. India followed with N1.83 trillion representing 9.64 per cent, while exports to Spain stood at N1.71 trillion or 9.02 per cent.

France accounted for ₦1.36 trillion or 7.19 per cent of exports, while Canada received goods worth N1.03 trillion representing 5.42 per cent.

These five countries collectively accounted for about 41.99 per cent of Nigeria’s total export value in the fourth quarter of 2025.
Within Africa, Nigeria exported goods valued at N3.41 trillion while imports from the continent stood at N696.13 billion.

South Africa was Nigeria’s largest export market within Africa, with exports valued at N629.37 billion, followed by Ivory Coast with N597.38 billion and Togo with N579.34 billion. Ghana received Nigerian exports valued at N391.78 billion, while Egypt imported goods worth N285.57 billion.

The NBS noted that petroleum-related products dominated Nigeria’s exports to African countries during the period, particularly crude petroleum oils valued at N1.71 trillion.

Other major exports included gas oil valued at N678.98 billion, kerosene-type jet fuel worth N489.53 billion and motor spirit valued at N161.70 billion. Collectively, the commodities accounted for more than 91 per cent of Nigeria’s total exports to the African region during the quarter under review.