Nigeria recorded a trade surplus of N5.17 trillion in the first quarter of 2025, a 51.07% quarter-on-quarter increase from the N3.42 trillion reported in Q4 2024.
According to the Foreign Trade in Goods Statistics report released on Wednesday by the Nigerian Bureau of Statistics (NBS), total merchandise trade stood at N36.02 trillion, a 6.19% increase compared to N33.92 trillion reported in Q1 2024.
However, it represented a slight 1.58% decline from the N36.6 trillion posted in the previous quarter.
A breakdown of the data shows that exports accounted for N20.59 trillion, representing 57.18% of total trade, a 7.42% year-on-year increase from N20.01 trillion in Q1 2024.
Crude oil was Nigeria’s top export commodity, accounting for 62.89% of total exports, valued at N12.95 trillion. Non-crude oil exports constituted 37.11%, worth N7.64 trillion.
However, imports accounted for 42.82% of total trade in Q1 2025, valued at N15.42 trillion. This was a 7.02% decline from N16.59 trillion recorded in Q4 2024 and a 4.59% increase from N14.75 trillion in Q1 2024.
Highlighting Nigeria’s trading partner on the import side, the report stated that
“China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, The Netherlands, and the United Arab Emirates. The most traded commodities imported in the quarter were, Gas oil, Motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat.”
Nigeria’s exports to African countries stood at N1.85 trillion, with South Africa, Ivory Coast, Senegal, Togo, and Ghana listed as the top destinations for Nigerian goods on the continent.
