Nigeria posted a notable trade surplus of ₦5.17 trillion in the first quarter of 2025, marking a significant 51% increase from the ₦3.42 trillion recorded in the final quarter of 2024, according to the National Bureau of Statistics (NBS) .
The data revealed a total merchandise trade value of ₦36.02 trillion, reflecting a 6.2% rise year-on-year from ₦33.92 trillion in Q1 2024, though slightly down 1.6% compared to Q4 2024
Exports reached ₦20.60 trillion—up 7.4% year-on-year and nearly 3% quarter-on-quarter—while imports stood at ₦15.43 trillion, representing a 4.6% annual increase but a 7% drop from the previous quarter
Crude oil exports continued to dominate, accounting for nearly 63% of total exports at ₦12.96 trillion, a slight decline in oil revenues, which was offset by booming agricultural exports, including cocoa, cashew nuts, and sesame seeds—non-oil exports surged by 64.7% to ₦1.70 trillion thenationonlineng.net+5punchng.com+5leadership.ng+5.
China, India, the United States, the Netherlands, and the UAE remained Nigeria’s primary import partners, mainly supplying gas oil, motor spirit, crude petroleum, cane sugar, and durum wheat . On the export side, India, the Netherlands, the US, France, and Spain emerged as top destinations
Analysts attribute the surge in the trade surplus to a combination of robust export performance—particularly in non-oil commodities—and a pullback in import volumes triggered by import substitution initiatives and sustained inflation.
This positive trend offers a glimmer of optimism for Nigeria’s foreign exchange reserves and macroeconomic stability, although concerns linger regarding over-reliance on crude oil and global commodity price volatility.
Outlook:
With sustained momentum in non-oil exports and strategic measures to manage import demand, Nigeria stands a chance to maintain a favourable trade balance in the upcoming quarters. Investors and policymakers will closely monitor progress ahead of next quarter’s full report.
