Nigeria recorded a trade surplus of ₦5.17 trillion in the first quarter of 2025, marking a significant 51.07% increase from the ₦3.42 trillion posted in the final quarter of 2024. This is according to the Foreign Trade in Goods Statistics report released on Wednesday by the National Bureau of Statistics (NBS).
The report indicates that total trade for the quarter reached ₦36.02 trillion, reflecting a 6.19% year-on-year growth compared to Q1 2024. Of that figure, exports accounted for ₦20.60 trillion, representing a 7.42% annual increase, driven by a strong showing in both oil and non-oil sectors.
“The merchandise trade balance for Q1 2025 remained positive at ₦5.17 trillion, indicating an increase of 51.07% compared to the value recorded in the preceding quarter,” the report stated.
Crude Oil Still Dominates, but Non-Oil Exports Surge
Crude oil continued to underpin Nigeria’s export performance, with export earnings totaling ₦12.96 trillion accounting for 62.89% of total exports. However, this represents a 16.35% drop in oil revenues compared to Q1 2024, highlighting ongoing volatility in the global oil market.
Despite this decline, the overall export figure was buoyed by non-oil exports, which saw significant year-on-year growth, particularly in the agricultural sector.
Exports of agricultural goods rose by 64.65%, reaching ₦1.70 trillion, up from ₦1.04 trillion a year earlier. Key export commodities included cocoa beans, cashew nuts, and sesame seeds, with Europe and Asia emerging as the primary destinations.
Manufactured goods also saw modest growth, with exports rising by 9.58% to ₦294.43 billion, driven by demand for items such as aluminum alloys, dredgers, and cathodes. Though still a small share of total exports, this growth signals progress toward Nigeria’s long-term diversification goals.
Imports Rise Slightly as Demand for Raw Materials, Food Grows
Total imports stood at ₦15.43 trillion, a 4.59% increase compared to Q1 2024. However, this was a 7.02% decline when measured against Q4 2024, suggesting a slight softening in import demand.
China remained Nigeria’s top import partner, accounting for 30.19% of all imports, followed by India and the United States. Key imports included petroleum products, industrial machinery, and raw materials.
Nigeria’s agricultural imports also rose by 12.52% to ₦1.04 trillion, reflecting growing domestic demand for food products and farming inputs.
Intra-African Trade Expands, Led by Oil Exports
Trade with African countries continues to show positive momentum. Nigeria exported goods worth ₦1.85 trillion to fellow African nations during the quarter. Leading destinations included South Africa, Ivory Coast, Ghana, Senegal, and Togo, with petroleum products making up the majority of outbound shipments.
Imports from Africa were comparatively lower, totaling ₦766.82 billion, mostly comprising petroleum products from Angola and South Africa. This points to a continuing energy trade pattern within the continent.
A Shifting Trade Landscape
While crude oil still dominates Nigeria’s trade profile, the latest figures suggest that efforts to diversify the country’s export base are beginning to yield results. With agricultural and manufactured goods exports gaining traction, analysts say Nigeria is inching closer to a more balanced and resilient trade structure.
As global economic pressures and energy transitions reshape international markets, Nigeria’s performance in Q1 2025 may signal a broader shift one that hinges less on oil and more on a competitive mix of agriculture, industry, and innovation.
