In the first quarter (Q1) 2025, Nigeria recorded N5.172 trillion trade surplus, according to the National Bureau of Statistics (NBS).
NBS in its “Foreign Trade in Goods Statistics Q12025,” revealed that the country’s import dipped to N15.426 trillion as export rose to N20.59trillion, totally N36.02trillion trade in the period under review.
The report said total trade soared from the N33.92trillion recorded in the corresponding period of 2024.
NBS said, “Nigeria’s total merchandise trade stood at ₦36.024.66 trillion in Q1, 2025.
This represents an increase of 6.19per cent compared to the value of ₦33.925.72 trillion recorded in the corresponding period of 2024 and decreased by 1.58per cent compared to the value recorded in the preceding quarter (₦36,60trillion).”
NBS added that in the quarter under review, exports accounted for 57.18per cent of total trade with a value of ₦20.598.48 trillion, showing an increase of 7.42per cent over the value recorded in the corresponding quarter of 2024 (₦19.176.19trillion) and by 2.92per cent compared to the value recorded in Q4, 2024 (₦20.014.33 trillion).
It said further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at ₦12.955.03 trillion representing 62.89per cent of total exports while the value of non-crude oil exports stood at ₦7.643.45 trillion accounting for 37.11per cent of total exports; of which non-oil products contributed ₦3.167.88trillion or 15.38per cent of total exports.
On import, the report said: “The value of total imports stood at ₦ 15.426.17 trillion in the first quarter of 2025, representing a rise of 4.59 per cent from the value recorded in the corresponding quarter of 2024 (₦14.749.52 trillion) and decreased by 7.02per cent compared to the value recorded in Q4, 2024 (₦16.590.51trillion).”
China, according to the report, remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America.
It also stressed that the Netherlands, and The United Arab Emirate. The most traded commodities imported during 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 (Not in seeds).
NBS said the value of agricultural goods imported in Q1 2025 stood at ₦1,035.81 billion, representing a 12.52per cent increase compared to ₦920.54 billion recorded in Q1 2024, and a 5.02per cent decline relative to ₦1.090.55 trillion in Q4 2024.
The report said in the same period, the import value of raw material goods was ₦1.811.10 trillion, representing a 23.42per cent increase from ₦1.467.41 trillion in Q1 2024, and a 14.14per cent decline compared to ₦2.109.26 trillion in the preceding quarter (Q4 2024).
NBS said in the period under review, solid mineral imports were valued at ₦91.78 billion, representing a 29.44per cent increase from ₦70.90 billion in Q1 2024, and a 17.90per cent decrease compared to ₦111.79 billion recorded in Q4 2024.
During the quarter, NBS said the value of imported manufactured goods stood at ₦7.512.22 trillion, reflecting a 30.90per cent increase from ₦5.738.80 trillion in Q1 2024, and an 11.35per cent decrease from ₦8.473.56 trillion recorded in Q4 2024.
The report further stated that the value of other oil products imported in Q1 2025 stood at ₦3.786.98 trillion, reflecting a 42.20per cent decrease from ₦6.551.82 trillion in Q1 2024 and a 21.19per cent decline from ₦4,805.23 trillion recorded in Q4 2024.
