Nigeria recorded N5.17 trillion trade surplus in the first quarter of 2025 (Q1’25).
This represents a 52 per cent quarter-on-quarter (QoQ) rise when compared to N3.4 trillion recorded in Q4’24.
On a year-on-year (YoY), basis, trade surplus grew by 17.5 per cent from N4.4 trillion in Q1’24.
The National Bureau of Statistics (NBS), disclosed this yesterday in its Foreign Trade in Goods Statistics Report for Q1’25.
NBS also stated: ‘The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion indicating an increase of 52 percent compared to the value recorded in the preceding quarter’.
According to the report, the country’s total merchandise trade stood at N36.024 trillion in Q1’25, representing an increase of 6.19 percent compared to t N33.92 trillion recorded in the corresponding period of 2024 and decreased by 1.58 percent compared to the value recorded in the preceding quarter (N36.6 trillion).
The Bureau also said that the value of total imports stood at N15.42 trillion in Q1’25, representing a rise of 4.59 per cent from the value recorded in the corresponding quarter of 2024 (N14.75 trillion) and decreased by 7.02 per cent compared to the value recorded in Q4, 2024 (N16.59 trillion).
It further stated: ‘China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, The Netherlands, and The United Arab Emirate. The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds)’.
NBS noted that exports in Q1’25 were valued at N20.59 trillion, reflecting a 7.42 per cent rise compared to N19.17 trillion in the corresponding quarter of 2024 and a 2.92 per cent increase compared to N20 trillion in Q4’24.
The report added: ‘Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.95 trillion representing 62.89 per cent of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11 per cent of total exports; of which non-oil products contributed N3.16 trillion or 15.38 per cent of total exports.
‘In Q1’25 , the top five trading export partners were India, The Netherlands, United States, France, and Spain.
‘The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans’.
