Nigeria’s Total Foreign Trade Hits ₦36trn In Q1 2025

Nigeria’s total foreign trade volume surged to ₦36.02 trillion in the first quarter (Q1) of 2025, a data released by the National Bureau of Statistics (NBS) on Wednesday has disclosed.

The latest figures marked a modest but significant shift in the country’s trade dynamics, with exports outpacing imports, thereby reinforcing positive momentum in Nigeria’s balance of trade.

While the economy continues to rely heavily on oil exports, the growth in non-oil exports, especially in agriculture and raw materials, reflects an evolving trade structure.

The report revealed that the total trade value represents the sum of exports worth ₦20.60 trillion and imports valued at ₦15.43 trillion during the three-month period.

This indicates a trade surplus of ₦5.17 trillion, an improvement over the ₦4.43 trillion surplus recorded in Q4 2024.

Compared to the same period in 2024, total trade increased by ₦2.10 trillion, or 6.19%, from the Q1 2024 figure of ₦33.93 trillion.

Quarter-on-quarter, however, total trade value dipped slightly from the ₦36.60 trillion recorded in Q4 2024, reflecting a 1.58% contraction driven by a decline in imports.

Nigeria’s export earnings in Q1 2025 rose by 7.42% year-on-year to ₦20.60 trillion, up from ₦19.18 trillion in Q1 2024.

Quarter-on-quarter exports also increased by 2.92% compared to ₦20.01 trillion in Q4 2024.

Crude oil remained the mainstay of Nigeria’s export economy, contributing ₦12.96 trillion, representing 62.9% of total exports.

However, this marked a 16.35% decline from ₦15.49 trillion in the same period last year and a 6.01% drop from ₦13.78 trillion in the previous quarter.

Despite the fall in crude oil exports, other non-crude components helped to boost overall trade value.

Notably, other oil product exports grew significantly by 134.24% year-on-year to ₦4.48 trillion and rose 32.07% quarter-on-quarter.

Agricultural exports also recorded impressive growth, rising by 64.65% to ₦1.70 trillion compared to Q1 2024 and up 10.63% from the last quarter.

Exports of raw materials also soared to ₦1.04 trillion in Q1 2025—nearly tripling the ₦352.75 billion recorded in Q1 2024 and surging by 55.65% from ₦671.12 billion in Q4 2024.

However, there were declines in other categories. Solid mineral exports dropped by 7.17% year-on-year to ₦58.87 billion, while manufactured goods exports declined sharply by 40.43% compared to the previous quarter, settling at ₦294.43 billion.

India, The Netherlands, the United States, France, and Spain were Nigeria’s top five export destinations during the review period.

On the import side, Nigeria recorded ₦15.43 trillion worth of goods in Q1 2025, a 4.59% increase from ₦14.75 trillion in the corresponding quarter of 2024.

However, compared to Q4 2024, imports declined by 7.02%, down from ₦16.59 trillion.

This quarterly dip helped improve the trade surplus and reflects what analysts say could be early signs of import substitution policies gaining traction.

China retained its position as Nigeria’s largest import partner, followed by India, the United States, the Netherlands, and the United Arab Emirates.

Key imports during the quarter included gas oil, motor spirit (petrol), crude petroleum oils, cane sugar for refineries, and durum wheat.

Manufactured goods dominated the import bill, accounting for ₦7.51 trillion—up 30.90% from Q1 2024, but down 11.35% from the preceding quarter.

Other major import categories include Agricultural goods: ₦1.04 trillion, up 12.52% year-on-year but down 5.02% quarter-on-quarter; raw materials: ₦1.81 trillion, up 23.42% from Q1 2024, yet down 14.14% from Q4 2024; solid minerals: ₦91.78 billion, up 29.44% from Q1 2024 but down 17.90% from the previous quarter and other oil products: ₦3.79 trillion, down sharply by 42.20% year-on-year and 21.19% quarter-on-quarter.

With exports exceeding imports by ₦5.17 trillion, Nigeria recorded its largest trade surplus in three quarters. Analysts said the figures suggested slight rebalancing of the trade structure, even though crude oil continued to dominate export revenues.