Nigeria recorded a trade surplus of ₦5.17 trillion in the first quarter of 2025, driven by stronger export earnings and a moderation in import growth, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
The surplus reflects the continued impact of exchange-rate adjustments, elevated global energy prices and stronger demand for Nigeria’s hydrocarbon exports, which have combined to boost foreign trade earnings despite persistent import dependence in key sectors of the economy.
According to the report, Nigeria’s total merchandise trade stood at ₦36.02 trillion in the period under review, representing a 6.19 per cent increase compared with ₦33.93 trillion recorded in the first quarter of 2024. On a quarter-on-quarter basis, however, total trade declined slightly by 1.58 per cent from ₦36.60 trillion recorded in the fourth quarter of 2024.
Total exports during the quarter were valued at ₦20.60 trillion, accounting for 57.18 per cent of total trade. This represents a 7.42 per cent increase from the ₦19.18 trillion recorded in the corresponding quarter of 2024 and a 2.92 per cent rise compared with ₦20.01 trillion in the fourth quarter of 2024.
Imports, on the other hand, stood at ₦15.43 trillion in the first quarter of 2025. This reflects a 4.59 percent increase compared with ₦14.75 trillion recorded in the same period last year, but a 7.02 percent decline from ₦16.59 trillion recorded in the preceding quarter. Analysts say the decline in quarterly imports may partly reflect the impact of currency depreciation and tighter foreign exchange conditions, which have made imported goods more expensive and constrained demand.
A breakdown of exports showed that Nigeria’s external trade remains heavily dependent on hydrocarbons. Crude oil exports were valued at ₦12.96 trillion, accounting for approximately 62.89% of total exports during the quarter.
Non-crude oil exports were valued at ₦7.64 trillion, representing 37.11 per cent of total exports, while non-oil products contributed ₦3.17 trillion, or 15.38 per cent of total export value — highlighting the country’s continuing struggle to diversify its export base away from petroleum.
The NBS report identified India, the Netherlands, the United States, France and Spain as Nigeria’s major export destinations during the quarter, reflecting strong demand from Europe and Asia for Nigerian crude oil and liquefied natural gas.
On the import side, China remained Nigeria’s largest trading partner, followed by India, the United States, the Netherlands and the United Arab Emirates — underscoring Nigeria’s reliance on Asian and Western economies for manufactured goods, refined petroleum products and industrial inputs.
Major commodities exported during the quarter included crude oil, liquefied natural gas, petroleum gases, urea and cocoa beans. Key imports comprised gas oil, premium motor spirit, crude petroleum oils, cane sugar for refining and durum wheat.
The statistics office noted that Nigeria’s positive trade balance rose by more than 50 per cent compared with the previous quarter, reflecting stronger export performance and a slowdown in imports.
Economists note that while the trade surplus provides temporary support for external balances and foreign exchange inflows, Nigeria’s export earnings remain highly vulnerable to fluctuations in global oil prices due to the dominance of crude oil in the country’s export basket.
