Nigeria’s export earnings rose to ₦22.8 trillion in Q3 of 2025 (Q3’25), driven largely by a strong rebound in raw material shipments despite weaker performance in agricultural and manufactured goods.
This is according to the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics (NBS).
When compared to the Quarter-on-Quarter (QoQ) figure of ₦20,537.17 billion in Q3’24, the earnings reflect an 11.08 per cent rise. The Q3’25 earnings also inched up by 0.28 per cent compared to ₦22,750.74 billion in Q2’25. India, Spain, France, the Netherlands and Italy remained Nigeria’s biggest buyers, which together accounted for the bulk of the country’s outbound trade.
The report indicates that crude oil, natural gas, petroleum gases, kerosene-type jet fuel and urea were the most traded commodities in the period. Raw material exports recorded the strongest growth, rising 136.38 per cent Year-on-Year (YoY) to ₦1.04 trillion.
“Total exports in Q3 2025 were valued at ₦22,813.57 billion, reflecting an 11.08% rise compared to ₦20,537.17 billion in the corresponding quarter of 2024 and a 0.28% increase when compared to ₦22,750.74 billion in Q2, 2025.
“In Q3 2025, Nigeria’s top five trading export partners were India, Spain, France, the Netherlands, and Italy. The most exported commodities were crude oil, natural gas, other petroleum gases in a gaseous state, kerosene-type jet fuel, and urea, whether or not in aqueous solution.”
“Crude oil exports in Q3 2025 were valued at ₦12,806.78 billion; the value decreased by 4.47% from ₦13,406.37 billion in Q3 2024 and increased by 7.03% from ₦11,965.98 billion in Q2 2025,” the NBS said.
Agricultural exports dipped to ₦786.62 billion, while manufactured goods fell YoY but posted a QoQ rise. Solid minerals also recorded strong growth, hitting ₦100.81 billion in the period.
The data shows that other oil products continued to support export earnings, even though they fell short of the levels recorded in the previous quarter.
…China, the US, and India drive the import bill up 5.5% in Q3’25.
Also, Nigeria’s import bill rose to ₦16.12 trillion in Q3’25 as stronger demand from China, the United States and India pushed up inbound trade.
The latest data shows that total imports grew by 5.51 per cent YoY in 2024 and by 5.47 per cent against Q2’25. China remained Nigeria’s dominant supplier, followed by the US, India, the UAE and Belgium.
Petroleum oils, gas oil, motor spirit, durum wheat and cane sugar were the most imported commodities, reflecting continued pressure from energy and food demand.
According to the report, “The value of total imports stood at ₦16,122.98 billion in Q3’25, representing a 5.51% increase from the value recorded in the corresponding quarter of 2024 (₦15,281.18 billion) and a 5.47% increase compared to the value recorded in Q2, 2025 (₦15,286.78 billion).”
Agricultural imports rose sharply year on year but dipped against the previous quarter, while raw material and manufactured goods imports continued to expand, signalling stronger industrial and consumer activity.
…Total merchandise trade edges up 8.71% at ₦38,936.55 bn.
The NBS report also shows that Nigeria’s total merchandise trade stood at ₦38,936.55 billion in Q3’25. This represents an increase of 8.71 per cent over the value of ₦35,818.35 billion recorded QoQ in 2024 and an increase of 2.36 per cent compared to the value recorded in Q2’25, which stood at ₦38,037.52 billion.
