Nigeria recorded a trade surplus of N5.17 trillion in the first quarter of 2025, marking a 51.07% jump from the N3.42 trillion posted in the final quarter of 2024.
The figures were contained in the Foreign Trade in Goods Statistics report released on Wednesday.
“The merchandise trade balance for Q1 2025 remained positive at N5,172.31bn, indicating an increase of 51.07 per cent compared to the value recorded in the preceding quarter,” the report stated.
The strong surplus was largely driven by steady export growth despite global headwinds and rising import costs.
According to the report, total trade for the first quarter stood at N36.02 trillion, representing a 6.19% rise from the same period last year, The PUNCH reports.
Exports accounted for N20.60 trillion of total trade, reflecting a 7.42% increase year-on-year. Crude oil remained Nigeria’s top export earner, though crude oil revenues dipped 16.35% compared to Q1 2024.
Despite the drop, crude oil still generated N12.96 trillion, making up 62.89% of Nigeria’s export earnings.
The decline in oil revenue was partially offset by impressive growth in non-oil exports, especially in agriculture. Export earnings from agricultural products surged by 64.65% to N1.70 trillion from N1.04 trillion a year earlier.
Products such as cocoa beans, cashew nuts, and sesame seeds led the increase, with Europe and Asia remaining key markets for Nigerian agricultural exports.
On the import side, Nigeria brought in N15.43 trillion worth of goods in Q1 2025, up 4.59% from Q1 2024 but 7.02% lower than the previous quarter.
Nigeria, largest oil-importing partner
China retained its position as Nigeria’s largest import partner, supplying 30.19% of total imports, followed by India and the United States.
Top imports included petroleum products, industrial machinery, and raw materials. Agricultural imports also rose, climbing 12.52% to N1.04 trillion due to sustained demand for food and farming inputs.
Nigeria’s trade with African countries remained robust, with exports to the continent totalling N1.85 trillion. South Africa, Ivory Coast, Senegal, Togo, and Ghana were Nigeria’s key export destinations in Africa, with petroleum products dominating the shipments.
Imports from Africa reached N766.82 billion, primarily made up of petroleum imports from Angola and South Africa, underscoring ongoing energy trade within the continent.
While crude oil still accounts for the bulk of Nigeria’s exports, signs of diversification are emerging. Exports of manufactured goods rose by 9.58% to N294.43 billion. Items such as unwrought aluminium alloys, dredgers, and cathodes contributed to the growth.
