Nigeria recorded a significant upswing in its agricultural exports during the first quarter (Q1) of 2025, with total earnings reaching ₦1.7 billion a 65% increase from ₦1.035 billion in Q1 2024 and a 10.63% rise from ₦1.540 billion recorded in the final quarter of 2024.
The data, published by the National Bureau of Statistics (NBS) in its Q1 2025 Foreign Trade in Goods Statistics report, also revealed that total exports for the period stood at ₦20.6 billion. This reflects a 7.42% increase compared to ₦19.176 billion in Q1 2024, and a 2.92% growth from ₦20.014 billion in Q4 2024.
Top Export Destinations and Commodities
India emerged as Nigeria’s top export destination in the quarter under review, accounting for ₦2.841 billion or 13.80% of total exports. This was followed by the Netherlands (₦2.258 billion), the United States (₦1.543 billion), France (₦1.443 billion), and Spain (₦1.440 billion). Collectively, these five countries represented 46.25% of Nigeria’s total export value.
Leading export commodities included crude oil, liquefied natural gas (LNG), petroleum gases, urea (whether or not in aqueous solution), and standard grade cocoa beans.
Sectoral Breakdown of Export Performance
- Raw Materials: Raw material exports surged to ₦1.044 billion, marking a 196.12% increase from ₦352.75 billion in Q1 2024 and a 55.65% jump from ₦671.12 billion in Q4 2024 indicating growing international demand for Nigeria’s raw materials.
- Solid Minerals: Solid mineral exports were valued at ₦58.87 billion, reflecting a 7.17% decline from ₦63.41 billion in Q1 2024 and a 3.03% drop from ₦60.70 billion in Q4 2024.
- Manufactured Goods: Exports of manufactured products reached ₦294.43 billion, an increase of 9.58% year-on-year from ₦268.70 billion. However, this marks a 40.43% decline from ₦494.22 billion recorded in the previous quarter.
- Crude Oil: Despite being a top export, crude oil exports fell to ₦12.955 billion a 16.35% decline from ₦15.5 billion in Q1 2024 and 6.01% lower than the ₦13.8 billion recorded in Q4 2024. The decline has been attributed to reduced production due to domestic challenges.
- Other Petroleum Products: Exports of other oil products climbed to ₦4.475 billion, more than doubling from ₦1.910 billion in Q1 2024 a 134.24% rise and up 32.07% from ₦3.388 billion in Q4 2024.
Trade Composition and Export Regions
Total exports constituted 57.18% of Nigeria’s overall trade in Q1 2025.
Breakdown by product section showed:
- Mineral Products: ₦17.555 billion or 85.23% of total exports.
- Prepared Foodstuffs and Beverages: ₦1.429 billion or 6.94%.
- Chemical and Allied Industries: ₦869.50 billion or 4.22%.
By region, Europe led as Nigeria’s primary export market with goods worth ₦8.642 billion (41.96%), followed by Asia (₦6.753 billion or 32.79%), America (₦3.329 billion or 16.16%), and Africa (₦1.854 billion or 9%).
African Trade Overview
Nigeria’s exports to African countries totaled ₦1.853 billion in Q1 2025, with imports from the continent amounting to ₦766.82 billion.
Top African export destinations included:
- South Africa: ₦708.69 billion
- Ivory Coast: ₦428.56 billion
- Senegal: ₦346.26 billion
- Togo: ₦134.80 billion
- Ghana: ₦122.07 billion
These five nations accounted for 93.91% of Nigeria’s total exports to Africa.
Main African imports came from:
- Angola: ₦224.39 billion
- Togo: ₦132.31 billion
- South Africa: ₦125.38 billion
- Algeria: ₦124.39 billion
- Egypt: ₦90.21 billion
Key Exported Commodities to Africa
Nigeria’s exports to the continent were dominated by:
- Petroleum oils and oils from bituminous minerals: ₦1.487 billion (80.25%)
- Light fuel oil: ₦66.32 billion (3.58%)
- Electrical energy: ₦65.65 billion (3.54%)
Together, these top five product categories made up over 90% of total exports to African nations.
