Nigeria recorded a notable upswing in its external trade in the first quarter of 2025, with total exports reaching ₦20.598 trillion. This figure represents a significant year-on-year rise of 7.42% compared to the ₦19.176 trillion posted during the same period in 2024. On a quarter-on-quarter basis, it also marks a modest improvement of 2.92% from ₦20.01 trillion recorded in Q4 2024.

The National Bureau of Statistics (NBS) released these figures in its latest report published on Wednesday, offering insights into the country’s trade performance across various sectors and regions.

Trade Surplus Shows Strong Growth

The report highlights that Nigeria’s total imports stood at ₦15.43 trillion during the review period. While this marks a 4.59% increase from the ₦14.75 trillion recorded in Q1 2024, it is also a noticeable decline of 7.02% compared to Q4 2024, when imports peaked at ₦16.59 trillion.

This decline in quarterly imports, paired with the continued growth in exports, resulted in a positive trade balance of ₦5.17 trillion in Q1 2025. Compared to the trade surplus recorded in Q4 2024, this figure reflects a noteworthy increase of 51.07%, reinforcing the resilience of Nigeria’s external sector and hinting at improving foreign exchange earnings for the country.

Crude Oil Dominates Export Value

As has traditionally been the case, crude oil remained the linchpin of Nigeria’s export economy during the first quarter. Crude oil exports alone accounted for ₦12.96 trillion, representing 62.89% of total exports in Q1 2025. This underlines Nigeria’s continued dependence on petroleum products to drive external revenue.

In contrast, non-crude oil exports stood at ₦7.64 trillion, making up 37.11% of total exports. Out of this, non-oil exports contributed ₦3.17 trillion, equivalent to 15.38% of the overall export value. These figures indicate gradual but steady progress in Nigeria’s quest to diversify its export portfolio beyond crude oil.

China Remains Nigeria’s Leading Import Source

On the import side, China maintained its position as Nigeria’s largest trading partner, with imports totaling ₦4.66 trillion. This represents 30.19% of the nation’s total imports and underscores the significant flow of goods—particularly industrial machinery, electronics, and finished products—from Asia’s largest economy.

Other notable import partners include:

• India: ₦1.72 trillion, or 11.13% of total imports

• United States: ₦1.42 trillion, or 9.22%

• Netherlands: ₦809.83 billion, or 5.25%

• United Arab Emirates: ₦617.18 billion, or 4.00%

These figures show that Nigeria’s external procurement remains heavily concentrated among key global economies in Asia, North America, and Europe.

Mineral Products and Foodstuffs Lead Export Categories

When exports are analyzed by product category, mineral products dominate overwhelmingly. Exports under this category were valued at ₦17.56 trillion, accounting for 85.23% of the total export value. This includes crude oil, natural gas, and other mineral-based products.

Following this category were exports of:

• Prepared foodstuffs, beverages, spirits, vinegar, and tobacco: ₦1.43 trillion (6.94%)

• Products of the chemical and allied industries: ₦869.50 billion (4.22%)

These figures highlight Nigeria’s emerging strength in value-added exports, especially within the food processing and chemicals sectors, though mineral resources continue to dominate foreign earnings.

Europe and Asia Remain Major Export Markets

From a geographical standpoint, Europe remained Nigeria’s primary export destination, receiving ₦8.64 trillion worth of goods, which translates to 41.96% of the total. This was followed by Asia, which accounted for ₦6.75 trillion or 32.79% of total exports.

In addition, exports to the Americas stood at ₦3.33 trillion, representing 16.16% of the total export value. These numbers underscore Nigeria’s strong trade linkages with both developed and emerging economies across the globe.

Trade Within Africa Strengthens, Led by ECOWAS

Trade with African countries also picked up momentum in Q1 2025. Exports to the continent reached ₦1.85 trillion, amounting to 9.0% of total exports. Within this, goods sent to ECOWAS (Economic Community of West African States) nations were valued at ₦1.07 trillion, which accounts for 57.58% of Nigeria’s intra-African trade.

Top African export destinations for Nigeria included:

• South Africa: ₦708.69 billion

• Ivory Coast: ₦428.56 billion

• Senegal: ₦346.26 billion

• Togo: ₦134.80 billion

• Ghana: ₦122.07 billion

Together, these five countries represented 93.91% of Nigeria’s total exports to Africa, indicating a high level of trade concentration within a select group of regional partners.

Top African Import Sources for Nigeria

Conversely, Nigeria also imported a significant volume of goods from the African continent. The major African import partners in Q1 2025 included:

• Angola: ₦224.39 billion

• Togo: ₦132.31 billion

• South Africa: ₦125.38 billion

• Algeria: ₦124.39 billion

• Egypt: ₦90.21 billion

These imports mostly consist of petroleum products, raw materials, and manufactured goods, reflecting Nigeria’s diverse industrial and consumer demands.

Economic Implications and Outlook

The positive trends in Nigeria’s foreign trade reflect broader efforts to stabilize and grow the economy through increased export earnings and reduced dependence on imports. The sharp rise in trade surplus is particularly noteworthy as it suggests stronger foreign exchange inflows—critical for improving external reserves and supporting the naira.

However, the continued reliance on crude oil highlights the country’s vulnerability to global price fluctuations and geopolitical tensions. The government’s economic diversification agenda, focused on expanding the non-oil export base, remains crucial for long-term resilience.

Nigeria’s growing trade relationships within Africa, especially under the framework of the African Continental Free Trade Area (AfCFTA), provide a strategic platform to expand its manufacturing and agricultural exports across the continent. Strengthening infrastructure, logistics, and regional cooperation will be key to unlocking this potential.

In conclusion, Nigeria’s trade performance in Q1 2025 showcases positive momentum in both volume and value, driven largely by crude oil exports and a broadening non-oil base. Sustaining this trajectory will depend on policy consistency, market expansion, and deeper trade partnerships across Africa and beyond.