Sign in Subscribe
Exports

Nigeria's Trade Surplus Widens by 44.3% to N7.46 Trillion in Q2 2025

Strategic Insights

— 2 min read

Nigeria's external trade balance experienced a significant boost in the second quarter of 2025, with the country's trade surplus increasing by 44.3% to N7.46 trillion, up from N5.17 trillion in the first quarter. This improvement was attributed to stronger export earnings outpacing import pressures, as reported by the National Bureau of Statistics (NBS) in its latest Foreign Trade in Goods Statistics. The report highlighted that Nigeria's total exports rose by 10.5% quarter-on-quarter to N22.75 trillion in the second quarter, representing a 28.4% jump compared to the same period in 2024.

Key Takeaways:

  • Nigeria's trade surplus widened by 44.3% to N7.46 trillion in Q2 2025, driven by stronger export earnings outpacing import pressures.
  • Total exports rose by 10.5% quarter-on-quarter to N22.75 trillion, with a 28.4% jump compared to the same period in 2024.
  • Crude oil remained the country's top export, contributing N11.97 trillion (52.6% of total exports) in Q2 2025.
  • Non-oil exports rose to N3.05 trillion, making up 13.4% of total exports in Q2 2025, with manufactured goods surging by 173% from the first quarter to N803.8 billion.
  • The growth in manufactured and mineral exports is encouraging, but oil and gas still account for over 85% of total exports, making Nigeria vulnerable to global oil price fluctuations.
  • Asia dominated as Nigeria's leading import partner, supplying 50% of total imports at N7.65 trillion in Q2 2025.
  • Saudi Arabia accounted for N1.73 trillion, second to Asia's $1.75 trillion, as the country's second largest import partner.

Statistics:

  • N7.46 trillion: Nigeria's trade surplus in Q2 2025, representing a 44.3% increase from Q1 2025.
  • N22.75 trillion: Total exports in Q2 2025, rising by 10.5% quarter-on-quarter.
  • 28.4%: Increase in total exports in Q2 2025 compared to the same period in 2024.
  • 52.6%: Proportion of total exports accounted for by crude oil in Q2 2025.
  • 5.1%: Decline in crude oil exports in Q2 2025 compared to the same period in 2024.
  • 13.4%: Proportion of total exports accounted for by non-oil exports in Q2 2025.
  • 173%: Growth in manufactured exports from Q1 2025 to Q2 2025.
  • N3.05 trillion: Total non-oil exports in Q2 2025.
  • N803.8 billion: Manufactured goods exports in Q2 2025, up by 173% from Q1 2025.
  • N15.29 trillion: Total imports in Q2 2025.
  • 50%: Proportion of total imports supplied by Asia in Q2 2025.
  • N7.65 trillion: Total imports from Asia in Q2 2025.
  • N4.96 trillion: Imports from China in Q2 2025.
  • 85%: Proportion of total exports accounted for by oil and gas.

Sources:

  • National Bureau of Statistics (NBS): Foreign Trade in Goods Statistics Report (no date provided)
  • Dr. Ifeanyi Eke, Trade Economist at the University of Lagos: Quoted in the NBS report
  • Mrs. Zainab Yusuf, Abuja-based economist: Quoted in the NBS report
  • Mr. Henry Akpan, International Trade Consultant: Quoted in the NBS report

Read more