Nigeria’s External Trade Surplus Hits N12.64trn In H1

Nigeria recorded a trade surplus of N12.64 trillion in the first half of 2025, driven largely by strong crude oil exports, according to data released by the National Bureau of Statistics (NBS) on Friday.

The NBS report showed that total exports in the first quarter of 2025 stood at N20.60 trillion, exceeding imports valued at N15.43 trillion, resulting in a positive trade balance of about N5.17 trillion for the quarter.

When combined with the second quarter performance, the country’s total surplus for the first six months of the year amounted to N12.64 trillion.

Imports Slide Amid Rising Agricultural and Raw Material Demand

On the import side, the total value stood at N15.43 trillion in Q1 2025, representing a 4.59 per cent rise compared to N14.75 trillion recorded in the corresponding quarter of 2024. However, it was 7.02 per cent lower than the N16.59 trillion reported in Q4 2024.

China remained Nigeria’s biggest source of imports, followed by India, the United States, the Netherlands, and the United Arab Emirates. Major imports included gas oil, motor spirit (petrol), petroleum oils, cane sugar for refineries, and durum wheat.

Agricultural imports in the period reached N1.04 trillion, up 12.52 per cent year-on-year but 5.02 per cent lower than the previous quarter. Raw material imports were valued at N1.81 trillion, marking a 23.42 per cent rise from Q1 2024, though 14.14 per cent below Q4 2024 levels.

Manufactured goods dominated imports, totalling N7.51 trillion, up 30.90% from N5.74 trillion a year earlier but down 11.35% compared with Q4 2024. Solid mineral imports also grew by 29.44 per cent year-on-year to N91.78 billion.

Exports Remain Oil-Driven

Total exports in Q1 2025 hit N20.60 trillion, a 7.42 per cent increase over N19.18 trillion in the same period of 2024 and 2.92 per cent higher than N20.01 trillion in Q4 2024.

India, the Netherlands, the United States, France, and Spain were Nigeria’s top export destinations, with crude oil, liquefied natural gas, petroleum gases, urea, and cocoa beans driving performance.

Agricultural exports surged to N1.70 trillion, representing a 64.65 per cent year-on-year increase and a 10.63 per cent rise compared with Q4 2024.

Raw material exports also grew strongly, rising to N1.04 trillion, nearly triple the N352.75 billion recorded in Q1 2024.

In contrast, crude oil exports—which accounted for the bulk of total exports—stood at N12.96 trillion, down 16.35 per cent from N15.49 trillion in Q1 2024 and 6.01 per cent lower than the preceding quarter. Manufacture exports were valued at N294.43 billion, up 9.5 per cent year-on-year but sharply lower than Q4 2024.