Nigeria recorded a trade surplus of N6.691 trillion in the third quarter of 2025, according to the latest report by the National Bureau of Statistics (NBS). This represents a slight 1.03 per cent decline from the N7.46 trillion surplus posted in Q2 2025, highlighting subtle shifts in the nation’s trade dynamics.
The NBS report indicated that total merchandise trade for Q3 2025 stood at N38.937 trillion, up 8.71 per cent year-on-year from N35.818 trillion in Q3 2024, and a 2.36 per cent increase compared with the previous quarter.
Exports contributed 58.59 per cent of total trade, totaling N22.814 trillion, marking an 11.08 per cent rise from Q3 2024. While the quarter-on-quarter growth was marginal at 0.28 per cent, crude oil remained the dominant export, valued at N12.807 trillion, representing 56.14 per cent of total exports.
Non-crude exports reached N10.007 trillion, of which non-oil products accounted for N2.997 trillion (13.14 per cent), reflecting efforts to diversify Nigeria’s export base.
Total imports for Q3 2025 stood at N16.123 trillion, accounting for 41.41 per cent of total trade, marking a 5.51 per cent year-on-year increase. China maintained its position as Nigeria’s top trading partner, followed by the United States, India, the UAE, and Belgium.
The most imported commodities included crude petroleum, gas oil, premium motor spirit, durum wheat, and cane sugar for refining. Agricultural imports rose to N1.103 trillion, up 25.03 per cent year-on-year, while raw material imports climbed 27.70 per cent to N2.017 trillion. Conversely, solid mineral imports declined 18.82 per cent to N75.49 billion, and other oil product imports fell sharply by 52.05 per cent.
Nigeria’s imports were largely sourced from Asia (50.30 per cent, N8.11 trillion), followed by America (24.31 per cent, N3.919 trillion), and Europe (21.32 per cent, N3.438 trillion). Exports were predominantly destined for Europe (38.16 per cent, N8.706 trillion), followed by Asia (28.07 per cent, N6.403 trillion) and Africa (21.49 per cent, N4.903 trillion). Within Africa, ECOWAS countries accounted for N3.136 trillion, representing 63.96 per cent of exports to the continent.
While the slight decline in the trade surplus signals the need for continued export diversification, the sustained growth in total trade reflects Nigeria’s resilience in global commerce. Analysts suggest that expanding non-oil exports and strengthening trade ties with regional partners could help stabilize future surpluses and support economic growth.
