… India, Netherlands, United States, Account For Highest Export Receipts
Nigeria recorded a total export value of ₦20.6tn in the first quarter of 2025, representing a 7.42 per cent increase compared to ₦19.18tn in Q1 2024, and a 2.92 per cent rise from ₦20.01tn posted in Q4 2024.
According to first quarter foreign trade statistics report released by the National Bureau of Statistics, India, the Netherlands, the United States, France, and Spain emerged as Nigeria’s top export destinations during the period under review. Crude oil remained the country’s most significant export commodity, contributing ₦12.96tn in Q1 2025. However, this marks a 16.35 per cent decline from the ₦15.49tn recorded in Q1 2024 and a 6.01 per cent drop from ₦13.78tn in Q4 2024.
Other oil products saw substantial growth, with exports valued at ₦4.48tn—an impressive 134.24 per cent surge from ₦1.91tn in Q1 2024 and a 32.07 per cent increase from ₦3.39tn in Q4 2024.
Agricultural goods also posted strong performance, reaching ₦1.70tn in exports, up 64.65 per cent from ₦1.04tn a year earlier and 10.63 per cent higher than Q4 2024’s ₦1.54tn.
Exports of raw materials rose sharply to ₦1.04tn, reflecting a 196.12 per cent jump compared to Q1 2024 and a 55.65 per cent increase from Q4 2024. However, exports of solid minerals declined to ₦58.87bn, down 7.17 per cent from ₦63.41bn in Q1 2024 and 3.03 per cent from ₦60bn in the previous quarter.
Manufactured goods exports reached ₦294.43bn in Q1 2025, showing a modest 9.58 per cent rise from Q1 2024’s ₦268.7bn. However, it marked a significant decline of 40.43 per cent compared to ₦494.22bn in Q4 2024.
Nigeria’s key export commodities during the quarter included crude oil, liquefied natural gas, petroleum gases in gaseous state, urea, and standard-quality cocoa beans.
On the other hand, the value of total imports stood at ₦15.42tn in the first quarter of 2025, representing a rise of 4.59 per cent from the value recorded in the corresponding quarter of 2024 (₦14.74tn) and decreased by 7.02 per cent compared to the value recorded in Q4, 2024 (₦16,5tn).
China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, The Netherlands, and The United Arab Emirate.
The report said, “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.
“The value of agricultural goods imported in Q1 2025 stood at ₦1.03tn, representing a 12.52 per cent increase compared to ₦920.54bn recorded in Q1 2024, and a 5.02 per cent decline relative to ₦1.09bn in Q4 2024.
“In the same period, the import value of raw material goods was ₦1.81tn, representing a 23.42 per cent increase from ₦1.46tn in Q1 2024, and a 14.14 per cent decline compared to ₦2.1tn in the preceding quarter (Q4 2024).”
