The National Bureau of Statistics (NBS) has confirmed on Wednesday, that Nigeria recorded a trade surplus in the first quarter of 2025, driven by strong export performance and a decline in imports, with overall merchandise trade valued at ₦36,024.66 billion.
The figure, according to NBS, represents a 6.19% increase compared to ₦33,925.72 billion recorded in the same period of 2024, but a 1.58% decrease from ₦36,604.83 billion in the previous quarter.
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).”
Exports accounted for 57.18% of total trade, valued at ₦20,598.48 billion, marking a 7.42% rise over Q1 2024 (₦19,176.19 billion) and a 2.92% increase from Q4 2024 (₦20,014.33 billion).
The report noted that crude oil dominated exports in Q1 2025 with a value of ₦12,955.03 billion, representing 62.89% of total exports, while non-crude oil exports stood at ₦7,643.45 billion or 37.11%, including non-oil products contributing ₦3,167.88 billion (15.38%).
Total exports in Q1 2025 were valued at ₦20,598.48 billion, reflecting a 7.42% increase from ₦19,176.19 billion in Q1 2024 and a 2.92% rise from ₦20,014.33 billion in Q4 2024.
“In Q1 2025, the top five export partners were India, The Netherlands, United States, France, and Spain. Major exported commodities included crude oil, liquefied natural gas, other petroleum gases, urea, and standard quality cocoa beans.”
Exports of agricultural goods surged to ₦1,704.15 billion, a 64.65% increase from ₦1,035.02 billion in Q1 2024 and a 10.63% rise from ₦1,540.46 billion in Q4 2024.
Raw material exports reached ₦1,044.59 billion, up 196.12% from ₦352.75 billion in Q1 2024 and 55.65% from ₦671.12 billion in Q4 2024.
Solid mineral exports declined to ₦58.87 billion, down 7.17% from ₦63.41 billion in Q1 2024 and 3.03% from ₦60.70 billion in Q4 2024.
Manufactured goods exports were valued at ₦294.43 billion, a 9.58% increase from ₦268.70 billion in Q1 2024 but a 40.43% decrease from ₦494.22 billion in Q4 2024.
Crude oil exports decreased by 16.35% from ₦15,486.63 billion in Q1 2024 to ₦12,955.03 billion in Q1 2025, and by 6.01% from ₦13,783.00 billion in Q4 2024.
On the import side, total value stood at ₦15,426.17 billion in Q1 2025, up 4.59% from ₦14,749.52 billion in Q1 2024 but down 7.02% from ₦16,590.51 billion in Q4 2024.
