Nigeria Posts N7.46tr Trade Surplus, Highest in Three Years
Nigeria’s foreign trade hit a new high in the second quarter of 2025, recording a surplus of N7.46 trillion—the strongest in nearly three years—as exports expanded while imports slowed slightly.
Data released by the National Bureau of Statistics (NBS) show that trade volume rose to N38.03 trillion, up 20% from the same period in 2024 and 5.6% higher than the first quarter.
Exports stood at N22.75 trillion, a 10.5% quarterly rise, while imports dipped 0.9% to N15.29 trillion. Crude oil exports brought in N11.97 trillion, still over half of total exports but down more than N1 trillion from Q1. This was offset by stronger sales of natural gas and refined products, which jumped to N10.78 trillion. Non-oil exports climbed to N3.05 trillion, led by a surge in manufactured goods exports to N803.8 billion—up 173% from Q1.
Agricultural exports, however, fell to N1.26 trillion, with cashew nuts and cocoa beans dominating shipments. Raw materials also dropped to N819.7 billion, though urea exports to Brazil and gold to Switzerland remained strong.
Spain was Nigeria’s top trading partner, importing N2.47 trillion worth of goods, followed by India, France, the Netherlands, and Canada. On the import side, China led with N4.96 trillion, with the U.S., India, the Netherlands, and the UAE trailing.
Nigeria’s intra-African trade hit N2.97 trillion in exports and N821.4 billion in imports, with Togo, South Africa, and Côte d’Ivoire ranking as major partners. Maritime transport handled nearly all of Nigeria’s global trade, with Apapa Port leading in cargo value.
