Nigeria recorded a significant trade surplus of N5.17 trillion in the first quarter of 2025 (Q1’25), marking a 52% increase compared to the N3.4 trillion surplus recorded in the fourth quarter of 2024 (Q4’24).
According to the latest Foreign Trade in Goods Statistics Report released by the National Bureau of Statistics (NBS), the trade surplus also rose by 17.5% year-on-year (YoY) from N4.4 trillion in Q1 2024.
The report revealed that Nigeria’s total merchandise trade for Q1 2025 stood at N36.024 trillion, reflecting a 6.19% increase from N33.92 trillion in the same period of 2024. However, it declined by 1.58% compared to the N36.6 trillion recorded in Q4 2024.
### **Import and Export Trends**
The value of total imports in Q1 2025 was N15.42 trillion, showing a 4.59% rise from N14.75 trillion in Q1 2024 but a 7.02% drop from N16.59 trillion in Q4 2024.
China remained Nigeria’s top import partner, followed by India, the United States, the Netherlands, and the United Arab Emirates. Major imported goods included gas oil, motor spirit (petrol), crude petroleum oils, cane sugar for refineries, and durum wheat.
On the export side, Nigeria’s total exports rose to N20.59 trillion in Q1 2025, up by 7.42% from N19.17 trillion in Q1 2024 and 2.92% from N20 trillion in Q4 2024.
Crude oil dominated exports, contributing N12.95 trillion (62.89% of total exports), while non-crude oil exports accounted for N7.64 trillion (37.11%). Non-oil products alone contributed N3.16 trillion (15.38%).
Key Export Partners and Commodities**
India, the Netherlands, the United States, France, and Spain were Nigeria’s top export destinations. The major exported goods included crude oil, liquefied natural gas (LNG), petroleum gases, urea, and cocoa beans.
The sustained trade surplus highlights Nigeria’s continued strength in export activities, particularly in crude oil and gas, despite fluctuations in global trade dynamics.
