Photo caption: Nigeria’s Coat of Arms
Nigeria achieved a trade surplus of N5.17tn in the first quarter of 2025, representing a 51.07 per cent increase from the N3.42tn recorded in the previous quarter.
This is according to the newly released Foreign Trade in Goods Statistics report on Wednesday. It read, “The merchandise trade balance for Q1 2025 remained positive at N5,172.31bn, indicating an increase of 51.07 per cent compared to the value recorded in the preceding quarter.”
The positive balance reflects strong performance in exports, despite rising import costs and global market challenges. The report noted that Nigeria’s total trade for Q1 2025 reached N36.02tn, a 6.19 per cent increase compared to the same period in 2024.
Exports accounted for N20.60tn of the total trade, marking a 7.42 per cent rise from the previous year.
This increase was largely driven by crude oil, which continues to dominate Nigeria’s export sector, despite a 16.35 per cent decline in crude oil export revenues compared to Q1 2024.
In total, crude oil exports were valued at N12.96tn, making up 62.89 per cent of total exports. However, the decline in oil revenue was offset by significant growth in non-oil exports.
Agricultural goods in particular saw a remarkable increase, with exports rising by 64.65 per cent to N1.70tn, up from N1.04tn in Q1 2024. Products like cocoa beans, cashew nuts, and sesame seeds were major contributors to this growth, with Europe and Asia being the largest markets.
Imports into Nigeria stood at N15.43tn, a 4.59 per cent increase compared to Q1 2024. However, imports decreased by 7.02 per cent when compared to the previous quarter.
China remained Nigeria’s largest import partner, accounting for 30.19 per cent of total imports, followed by India and the United States.
The most imported goods included petroleum products, machinery, and raw materials. The agricultural import sector also saw a notable rise, with imports increasing by 12.52 per cent to N1.04tn, reflecting strong demand for food products and agricultural inputs.
Nigeria’s trade with African countries continued to show positive trends, with exports to the continent reaching N1.85tn. South Africa, Ivory Coast, Senegal, Togo, and Ghana were Nigeria’s main export destinations in Africa, with petroleum products making up the bulk of these exports.
Imports from African countries remained modest, amounting to N766.82 bn. Nigeria’s primary imports from the continent were petroleum products, particularly from Angola and South Africa, highlighting the ongoing energy exchange within Africa.
Despite the continued dominance of crude oil, Nigeria’s export diversification is beginning to show positive results. Agricultural and manufactured goods exports are growing, with manufactured goods exports rising by 9.58 per cent to N294.43bn.
This includes exports of unwrought aluminum alloys, dredgers, and cathodes. While still small compared to oil exports, this increase signals a shift towards a more diversified export portfolio.
