National Bureau of Statistics (NBS)
Nigeria recorded a trade surplus of ₦5.17 trillion in the first quarter of 2025, as exports rose faster than imports, according to the National Bureau of Statistics (NBS) in its latest Foreign Trade in Goods Statistics report.
The report showed that the country’s total merchandise trade stood at ₦36.02 trillion in the period under review, representing an increase of 6.19 per cent compared with ₦33.93 trillion recorded in the corresponding period of 2024. However, it declined slightly by 1.58 per cent compared with ₦36.60 trillion recorded in the previous quarter.
Total exports were valued at ₦20.60 trillion, accounting for 57.18 per cent of total trade.
This represents a 7.42 per cent increase from ₦19.18 trillion recorded in the first quarter of 2024 and a 2.92 per cent rise compared with ₦20.01 trillion in the fourth quarter of 2024.
Imports, on the other hand, stood at ₦15.43 trillion during the period, reflecting a 4.59 per cent increase compared with ₦14.75 trillion recorded in the corresponding quarter of 2024. However, imports declined by 7.02 per cent compared with ₦16.59 trillion recorded in the previous quarter.
Further analysis of the report showed that Nigeria’s export trade continued to be dominated by crude oil, which was valued at ₦12.96 trillion and accounted for about 62.89 per cent of total exports. Non-crude oil exports were valued at ₦7.64 trillion, representing 37.11 per cent of total exports, while non-oil products contributed ₦3.17 trillion or 15.38 per cent of the export value.
The NBS noted that India, the Netherlands, the United States, France and Spain were Nigeria’s major export partners during the quarter.
On the import side, China remained Nigeria’s largest trading partner, followed by India, the United States, the Netherlands and the United Arab Emirates.
Major commodities exported during the period included crude oil, liquefied natural gas, petroleum gases, urea and cocoa beans, while key imports included gas oil, motor spirit, crude petroleum oils, cane sugar for refining and durum wheat.
The statistics office added that the country’s positive trade balance rose by more than 50 per cent compared with the previous quarter, reflecting stronger export performance.
