Nigeria Posts N5.17 Trillion Trade Surplus As Exports Outpace Imports In Q1 2025
Nigeria has kicked off 2025 on a positive trade note, recording a N5.172 trillion trade surplus in the first quarter of the year, according to data released by the National Bureau of Statistics (NBS).
In its latest report titled "Foreign Trade in Goods Statistics Q1 2025," the NBS revealed that total trade for the period stood at N36.02 trillion, with exports significantly outpacing imports.
Trade on the Rise, Despite Quarterly Dip
Compared to the same period in 2024, Nigeria’s total trade volume grew by 6.19%, up from N33.92 trillion. However, there was a slight 1.58% dip from Q4 2024’s N36.60 trillion.
According to the report:
Exports in Q1 2025: N20.59 trillion
Imports in Q1 2025: N15.43 trillion
This export-import imbalance gave Nigeria a solid trade surplus of N5.17 trillion, indicating stronger global demand for Nigerian goods, especially oil.
Crude Oil Still King, But Non-Oil Exports Growing
Exports accounted for 57.18% of total trade in Q1 2025, up 7.42% year-on-year. Crude oil dominated exports, bringing in N12.96 trillion and making up 62.89% of total exports.
However, there’s growing momentum in non-crude exports:
Non-crude oil exports: N7.64 trillion (37.11% of total exports)
Non-oil products: N3.17 trillion (15.38% of total exports)
This reflects a slow but steady shift toward export diversification, something economic analysts have long emphasized for sustainable growth.
Imports See Mixed Trends
While imports rose 4.59% year-on-year, they dropped 7.02% compared to the previous quarter (Q4 2024). The value of total imports stood at N15.43 trillion.
Top import sources included:
China
India
United States
Netherlands
United Arab Emirates
Major commodities brought into the country included gas oil, petrol, crude petroleum oils, cane sugar (for refineries), and durum wheat.
Sector Breakdown: What Nigeria Is Importing
Here’s a sectoral breakdown of imported goods in Q1 2025:
Agricultural goods: N1.036 trillion
↑ 12.52% from Q1 2024
↓ 5.02% from Q4 2024
Raw materials: N1.811 trillion
↑ 23.42% from Q1 2024
↓ 14.14% from Q4 2024
Solid minerals: N91.78 billion
↑ 29.44% from Q1 2024
↓ 17.90% from Q4 2024
Manufactured goods: N7.512 trillion
↑ 30.90% from Q1 2024
↓ 11.35% from Q4 2024
Other oil products: N3.787 trillion
↓ 42.20% from Q1 2024
↓ 21.19% from Q4 2024
A Snapshot of Nigeria’s Trade Health
The numbers paint a mixed picture: while Nigeria’s export strength—thanks mostly to oil—remains intact, import volumes reveal a dynamic and somewhat volatile demand across sectors.
Still, the Q1 trade surplus is a promising signal for policymakers and investors alike. With global oil prices relatively stable and non-oil exports picking up pace, Nigeria may be inching closer to a more resilient and diversified trade ecosystem.