Highlights From Nigeria’s Q4 Trade Data As Exports Rise Above Imports

• Latest data from the NBS showed that Nigeria posted a trade surplus in the second quarter of 2025
• Nigeria recorded a total trade over N38 trillion with exports surged on strong petroleum product sales
• There were also key improvement in non-crude oil export with Spain was the leading export destination

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics revealed that Nigeria recorded a total trade of ₦38.04 trillion in the second quarter of 2025.

This is higher than the ₦36.02 trillion achieved in the first quarter (January to March 2025) and also higher than than ₦31.68 trillion in Q2 2024.

What this means is that in the first half of 2025, Nigeria achieved over ₦74.06 trillion in import and export trade.

The bureau disclosed the figures in its latest trade Foreign Trade in Goods Statistics reported released on X.

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Here are the key highlights from the report

• Total trade: ₦38.04 trillion in Q2 2025, up 20% from a year earlier
• Exports: ₦22.75 trillion, up 28.4% y/y and 10.5% q/q.
• Imports: ₦15.29 trillion, up 9.4% y/y but down 0.9% q/q.
• Trade balance: Surplus of ₦7.46 trillion, a 44.3% rise from Q1 2025.
• Top exports: Crude oil, petroleum gases, natural gas, jet fuel.
• Top imports: Motor spirit, wheat, machinery, gas oil.
• Main partners: Spain, India, France, Netherlands, Canada for exports; China, U.S., India, Netherlands, UAE for imports.

Analysis of trade data figures released by NBS

Analysis of the data showed that exports accounted for 59.8% of trade, while imports made up 40.2% in Q2, 2025

Crude oil remained the Nigeria’s largest export, valued at ₦11.97 trillion and making up 52.6% of total exports while.

While non-crude oil exports contributed ₦10.78 trillion, with non-oil products alone accounting for ₦3.05 trillion or 13.4% of total exports.

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Imports breakdown Q2

Nigeria’s imports totaled ₦15.29 trillion in Q2, slightly lower than Q1 but higher than last year.

Mineral fuels (₦4.43 trillion) and machinery and transport equipment (₦4.34 trillion) dominated, together accounting for more than half of imports.

China remained the top import partner, supplying ₦4.96 trillion worth of goods (32.5% of imports), followed by the United States (₦2.16 trillion), India (₦901.5 billion), the Netherlands (₦606.8 billion), and the United Arab Emirates (₦536.1 billion).

By region, imports from Asia totaled ₦7.65 trillion, making up 50% of total imports, while Europe accounted for 25% and America 19%. Imports from Africa were ₦821.4 billion, with ECOWAS countries supplying nearly half of that.

Exports

Exports hit ₦22.75 trillion, due to higher sales of oil and gas products. Mineral products dominated with ₦19.87 trillion, or 87.3% of total exports. Non-oil exports, including agriculture and manufactured goods, grew strongly despite quarterly declines.

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Spain was the leading export destination with ₦2.47 trillion (10.9% of exports), followed by India (₦1.98 trillion), France (₦1.62 trillion), the Netherlands (₦1.54 trillion), and Canada (₦1.43 trillion). Together, these five accounted for nearly 40% of exports.

Regionally, Europe took the largest share (₦8.69 trillion), followed by Asia (₦7.42 trillion), America (₦3.66 trillion), and Africa (₦2.97 trillion). Exports to ECOWAS countries totaled ₦1.93 trillion.

Trade with Africa

Nigeria exported ₦2.97 trillion worth of goods to Africa in Q2 2025, led by shipments to Togo, South Africa, Ivory Coast, Ghana, and Mauritius. Petroleum oils, jet fuel, and gas oil made up nearly 80% of exports to the continent.

Imports from Africa stood at ₦821.4 billion, with Togo, South Africa, and Ivory Coast the top suppliers. Motor spirit and crude petroleum were the leading import items.

Breakdown of trade by sectors

Agriculture: Exports stood at ₦1.26 trillion, led by cashew nuts and cocoa. Imports rose to ₦1.18 trillion, driven by wheat and frozen fish.

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Solid minerals: Exports increased to ₦77.3 billion, with China and Cameroon as key buyers. Imports fell to ₦70.9 billion.

Manufactured goods: Exports surged 67% y/y to ₦803.8 billion, led by vessels and aluminum alloys. Imports were dominated by electronics, tyres, and pharmaceuticals.

Raw materials: Exports totaled ₦819.7 billion, driven by urea and gold. Imports reached ₦1.72 trillion, with sugar and chemical additives leading.

What were the means of exporting?

Sea transport accounted for nearly 99% of exports and 95% of imports.

Apapa Port remained the main gateway, handling ₦17.93 trillion of exports and ₦6.96 trillion of imports.

Lekki Deep Sea Port followed, recording ₦2.41 trillion of exports and ₦2.51 trillion of imports, while Tin Can Island managed ₦1.97 trillion of imports.

CPPE opposes raw materials export restriction bill

Earlier, Legit.ng reported that the Centre for the Promotion of Private Enterprise (CPPE) has raised strong objections to a proposed bill by the National Assembly that mandates 30% local value addition before raw materials can be exported from Nigeria.

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Source: Legit.ng