Nigeria’s total foreign trade reached N36.02 trillion in Q1 2025, driven significantly by a surge in non-oil exports, according to data released by the National Bureau of Statistics (NBS) on Wednesday.
The NBS Noted that the latest figures, though modest, mark a 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 continued to rely heavily on oil exports, the growth in non-oil exports, especially in agriculture and raw materials, reflected an evolving trade structure.
The total trade value represents the sum of exports worth N20.60 trillion and imports valued at N15.43 trillion during the three-month period.
This indicated a trade surplus of N5.17 trillion, an improvement over the N4.43 trillion surplus recorded in Q4 2024.
Compared to the same period in 2024, total trade increased by N2.10 trillion, or 6.19 per cent, from the Q1 2024 figure of N33.93 trillion.
Quarter-on-quarter, however, total trade value dipped slightly from the N36.60 trillion recorded in Q4 2024, reflecting a 1.58 per cent contraction driven by a decline in imports.
Nigeria’s export earnings in Q1 2025 rose by 7.42 per cent year-on-year to N20.60 trillion, up from N19.18 trillion in Q1 2024. Quarter-on-quarter, exports also increased by 2.92 per cent compared to N20.01 trillion in Q4 2024.
Crude oil remained the mainstay of Nigeria’s export economy, contributing N12.96 trillion—representing 62.9 per cent of total exports.
However, this marked a 16.35 per cent decline from N15.49 trillion in the same period last year and a 6.01 per cent drop from N13.78 trillion in the previous quarter.
Despite the fall in crude oil exports, other non-crude components helped boost overall trade value. Notably, other oil product exports grew significantly by 134.24 per cent year-on-year to N4.48 trillion and rose 32.07 per cent quarter-on-quarter. Agricultural exports also recorded impressive growth, rising by 64.65 per cent to N1.70 trillion compared to Q1 2024 and up 10.63 per cent from the last quarter.
Exports of raw materials soared to N1.04 trillion in Q1 2025—nearly tripling the N352.75 billion recorded in Q1 2024 and surging by 55.65 per cent from N671.12 billion in Q4 2024.
However, there were declines in other categories. Solid mineral exports dropped by 7.17 per cent year-on-year to N58.87 billion, while manufactured goods exports declined sharply by 40.43 per cent compared to the previous quarter, settling at N294.43 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 N15.43 trillion worth of goods in Q1 2025, a 4.59 per cent increase from N14.75 trillion in the corresponding quarter of 2024. However, compared to Q4 2024, imports declined by 7.02 per cent, down from N16.59 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 N7.51 trillion—up 30.90 per cent from Q1 2024, but down 11.35 per cent from the preceding quarter.
Other major import categories include: Agricultural goods: N1.04 trillion, up 12.52 per cent year-on-year but down 5.02 per cent quarter-on-quarter; raw materials: N1.81 trillion, up 23.42 per cent from Q1 2024, yet down 14.14 per cent from Q4 2024; solid minerals: N91.78 billion, up 29.44 per cent from Q1 2024 but down 17.90 per cent from the previous quarter and other oil products: N3.79 trillion, down sharply by 42.20 per cent year-on-year and 21.19 per cent quarter-on-quarter.
