The National Bureau of Statistics (NBS) foreign merchandise data has confirmed that Nigeria recorded trade surplus of ₦5.17 trillion in the first quarter of 2025, pulling strongly on the export side and a dip import, with overall merchandise trade of ₦36,024.66 billion in the first quarter of 2025 (Q1 2025).
The figure indicates an increase of 6.19 per cent compared to the value of ₦33,925.72 recorded in the corresponding period of 2024 and decreased by 1.58 per cent compared to the value recorded in the preceding quarter (₦36,604.83).
According to the NBS, “Nigeria’s total merchandise trade stood at ₦36,024.66 billion in Q1 2025. This represents an increase of 6.19% compared to the value of ₦33,925.72 recorded in the corresponding period of 2024 and decreased by 1.58% compared to the value recorded in the preceding quarter (₦36,604.83).”
The NBS also disclosed that in the quarter under review, exports accounted for 57.18 per cent of total trade with a value of ₦20,598.48 billion, showing an increase of 7.42 per cent over the value recorded in the corresponding quarter of 2024 (₦19,176.19) and by 2.92 per cent compared to the value recorded in Q4 2024 (₦20,014.33).
Total Exports
According to the report, Nigeria’s exports continued to be dominated by crude oil in the first quarter of 2025 valued at ₦12,955.03 billion, representing 62.89 per cent of total exports while the value of non-crude oil exports stood at ₦7,643.45 billion, accounting for 37.11 per cent of total exports of which non-oil products contributed ₦3,167.88 billion or 15.38 per cent of total exports.
Total exports in Q1 2025 were valued at ₦20,598.48 billion, reflecting a 7.42 per cent rise compared to ₦19,176.19 billion in the corresponding quarter of 2024 and a 2.92 per cent increase compared to ₦20,014.33 billion in Q4 2024.
In Q1 2025, the top five trading export partners were India, The Netherlands, United States, France, and Spain. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, urea, whether or not in aqueous solution, and standard quality cocoa beans.
Also, the value of manufactured goods exports in Q1 2025 was ₦294.43 billion, reflecting a 9.58 per cent increase from ₦268.70 billion in Q1 2024 and a decrease of 40.43 per cent from ₦494.22 billion in Q4 2024 whereas crude oil exports in Q1 2025 were valued at ₦12,955.03 billion; the value decreased by 16.35 per cent from ₦15,486.63 billion in Q1 2024 and by 6.01 per cent from ₦13,783.00 billion in Q4 2024.
But for imports, the NBS stated that the total value stood at ₦15,426.17 billion 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 billion) and decreased by 7.02 per cent compared to the value recorded in Q4 2024 (₦16,590.51 billion).