Abuja, Nigeria – Nigeria achieved a substantial trade surplus of N5.17 trillion (approximately $3.45 billion USD) in the first quarter of 2025, marking a 51.07% increase compared to the N3.42 trillion recorded in the preceding quarter. The figures were released in the country’s Foreign Trade in Goods Statistics report on Wednesday.
This positive trade balance reflects a strong performance in exports, despite rising import costs and persistent global market challenges.
Nigeria’s total trade for the first quarter of 2025 reached N36.02 trillion, an increase of 6.19% compared to the same period in 2024. Exports accounted for N20.60 trillion of this total, rising by 7.42% year-on-year.
Crude oil continues to dominate Nigeria’s export sector, making up 62.89% of total exports with a value of N12.96 trillion. However, crude oil export revenues saw a 16.35% decline compared to Q1 2024. This decrease in oil revenue was, however, offset by notable growth in non-oil exports.
Agricultural goods, in particular, experienced a remarkable surge, with exports climbing by 64.65% to N1.70 trillion, up from N1.04 trillion in Q1 2024. Products such as cocoa beans, cashew nuts, and sesame seeds were major contributors to this growth, with Europe and Asia identified as the largest markets.
Imports into Nigeria stood at N15.43 trillion, a 4.59% increase compared to Q1 2024, though they decreased by 7.02% from the previous quarter. China remained Nigeria’s largest import partner, accounting for 30.19% 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 rise, with imports increasing by 12.52% to N1.04 trillion, indicating strong demand for food products and agricultural inputs.
Trade with other African countries continued to show positive trends, with Nigerian exports to the continent reaching N1.85 trillion. South Africa, Ivory Coast, Senegal, Togo, and Ghana were Nigeria’s primary export destinations in Africa, largely driven by petroleum products. Imports from African countries remained more modest, amounting to N766.82 billion, with petroleum products from Angola and South Africa being key items.
Despite the ongoing dominance of crude oil, the report suggests Nigeria’s efforts towards export diversification are beginning to yield results. Exports of manufactured goods, for instance, rose by 9.58% to N294.43 billion, including items like unwrought aluminium alloys, dredgers, and cathodes. While still a smaller portion compared to oil, this increase signals a potential shift towards a more diversified export portfolio for the West African nation.
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