Nigeria's Foreign Trade Surges to N36.02 Trillion in Q1 2025

Strategic Insights -

Nigeria's total foreign trade surged to N36.02 trillion in the first quarter of 2025, driven largely by a significant increase in non-oil exports, particularly in agriculture, raw materials, and other oil products. This marks a significant shift in the country's trade dynamics, with exports outpacing imports and resulting in a trade surplus of N5.17 trillion, up from N4.43 trillion in the fourth quarter of 2024. While oil exports remain the mainstay of Nigeria's export economy, the growth in non-oil exports reflects an evolving trade structure and potential for import substitution policies to take hold.

Key Takeaways:

  • Nigeria's total foreign trade reached N36.02 trillion in Q1 2025, a 6.19 per cent increase from N33.93 trillion in Q1 2024.
  • Non-oil exports, particularly in agriculture and raw materials, grew significantly, boosting overall trade value and contributing to the trade surplus of N5.17 trillion.
  • Crude oil exports declined by 16.35 per cent year-on-year and 6.01 per cent quarter-on-quarter, but other non-crude components helped offset this decline.
  • Exports of other oil products surged by 134.24 per cent year-on-year and 32.07 per cent quarter-on-quarter, while agricultural exports rose by 64.65 per cent year-on-year and 10.63 per cent quarter-on-quarter.
  • Imports declined by 7.02 per cent quarter-on-quarter, down from N16.59 trillion in Q4 2024, and helped improve the trade surplus.
  • India, The Netherlands, the United States, France, and Spain were Nigeria's top five export destinations, while China retained its position as Nigeria's largest import partner.
  • Employed countries, as principal import countries, include Indians, The Dutch from The Netherlands, the Americans from the United States, French, and the Spaniards from Spain, China retains its position as Nigeria's largest trading partner.

Statistics:

  • Total foreign trade in Q1 2025: N36.02 trillion
  • Trade surplus in Q1 2025: N5.17 trillion
  • Growth in non-oil exports: 64.65% year-on-year, 10.63% quarter-on-quarter
  • Increase in agricultural exports: 64.65% year-on-year, 10.63% quarter-on-quarter
  • Surge in other oil product exports: 134.24% year-on-year, 32.07% quarter-on-quarter
  • Decline in solid mineral exports: 7.17% year-on-year
  • Decline in manufactured goods exports: 40.43% quarter-on-quarter
  • Increase in manufactured goods imports: 30.90% year-on-year, 11.35% quarter-on-quarter
  • Value of manufactured goods imports: N7.51 trillion
  • Top five export destinations: India, The Netherlands, the United States, France, and Spain
  • Largest import partner: China

Sources:

  • National Bureau of Statistics (NBS)
  • Nigeria's total foreign trade figures for Q1 2025.