Nigeria posted a trade surplus of N5.17 trillion in Q1 2025, a 51.07% increase from the previous quarter’s N3.42 trillion, according to the National Bureau of Statistics’ Foreign Trade in Goods report released Wednesday. Total trade for the period stood at N36.02 trillion, marking a 6.19% year-on-year increase.
Exports accounted for N20.60 trillion, rising 7.42% from Q1 2024. Crude oil, still Nigeria’s primary export, contributed N12.96 trillion—62.89% of total exports—despite a 16.35% drop in revenue from the same period last year. The dip in oil earnings was balanced by a sharp rise in non-oil exports, especially agriculture.
Agricultural exports rose 64.65% to N1.70 trillion, driven by strong demand for cocoa, cashew, and sesame seeds, primarily from Europe and Asia. Manufactured goods exports also saw growth, increasing 9.58% to N294.43 billion, with key products including aluminum alloys and dredgers.
Imports totaled N15.43 trillion, up 4.59% year-on-year but down 7.02% from the previous quarter. China remained Nigeria’s top import source, supplying 30.19% of all imports, followed by India and the U.S. Petroleum products, machinery, and raw materials topped the import list, while agricultural imports increased by 12.52% to N1.04 trillion.
Intra-African trade strengthened, with exports to the continent reaching N1.85 trillion. South Africa, Ivory Coast, Senegal, Togo, and Ghana were the top African destinations, dominated by petroleum product exports. Imports from Africa totaled N766.82 billion, led by petroleum products from Angola and South Africa.
While crude oil remains central, Nigeria’s gradual export diversification is gaining traction. Growth in agricultural and manufactured goods highlights early progress in building a broader, more resilient trade base.
Swifteradio.com
