The National Bureau of Statistics (NBS) has reported a sharp decline in Nigeria’s petroleum product import bill, with the country importing ₦3.786 trillion worth of petroleum products in the first quarter (Q1) of 2025 a significant drop of 21.21% compared to ₦4.805 trillion recorded in Q4 2024.
Even more striking is the year-on-year decline of 75.55% from ₦15.48 trillion in Q1 2024, a development the NBS attributes to growing local refining capacity, including the ramp-up in production at the 650,000 barrels-per-day Dangote Refinery.
Meanwhile, crude oil exports dipped in the same period, falling by 16.35% to ₦12.95 trillion, down from ₦15.48 trillion in Q1 2024, and a 6.01% drop from ₦13.78 trillion in Q4 2024.
However, the report noted a sharp rise in the export of other oil products, which surged to ₦4.48 trillion, reflecting a 134.24% increase from ₦1.91 trillion in Q1 2024 and 32.07% growth over the ₦3.39 trillion recorded in the final quarter of 2024.
Non-Oil Exports Show Promise
Agricultural exports also recorded a boost, rising to ₦1.70 trillion, up 64.65% year-on-year and 10.63% higher than Q4 2024. Raw material exports rose sharply as well, hitting ₦1.04 trillion, a jump of 196.12% from Q1 2024 and 55.65% over the previous quarter.
By contrast, solid mineral exports slid to ₦58.87 billion, down 7.17% from ₦63.41 billion in Q1 2024, and 3.03% lower than the ₦60.70 billion posted in Q4 2024.
Mixed Performance in Manufacturing
The export value of manufactured goods in Q1 2025 stood at ₦294.43 billion, showing a modest 9.58% increase from ₦268.70 billion in Q1 2024, but a sharp 40.43% fall compared to ₦494.22 billion in Q4 2024.
Despite the mixed sectoral outcomes, Nigeria’s total exports rose to ₦20.59 trillion, marking a 7.42% increase year-on-year and 2.92% growth from the previous quarter.
The top five export destinations in Q1 2025 were India, the Netherlands, the United States, France, and Spain, with crude oil, LNG, other petroleum gases, urea, and standard cocoa beans making up the bulk of outbound commodities.
Imports: Manufacturing Leads, But Overall Trade Down
On the import side, total imports stood at ₦15.42 trillion, up 4.59% from ₦14.74 trillion in Q1 2024 but down 7.02% from ₦16.59 trillion in Q4 2024.
Manufactured goods remained the largest import category, valued at ₦7.51 trillion, rising 30.90% year-on-year but falling 11.35% quarter-on-quarter. Notable imports included motor spirit (petrol), gas oil, crude petroleum oils, refinery sugar, and durum wheat.
Top sources of imports were China, India, the United States, the Netherlands, and the United Arab Emirates.
Agricultural goods imports amounted to ₦1.04 trillion, up 12.52% year-on-year but 5.02% lower than Q4 2024. Raw material imports were valued at ₦1.81 trillion, rising 23.42% from Q1 2024 but dropping 14.14% quarter-on-quarter.
Solid mineral imports increased 29.44% to ₦91.78 billion year-on-year, though they were 17.90% lower than in Q4 2024.
The NBS also highlighted that importation of other oil products stood at ₦3.78 trillion, marking a 42.2% decrease from ₦6.55 trillion in Q1 2024, and a 21.19% drop from Q4 2024.
