Nigeria’s total exports surged to ₦20.598 trillion in the first quarter (Q1) of 2025, marking a 7.42% increase from ₦19.176 trillion recorded in Q1 2024 and a 2.92% rise from the ₦20.01 trillion posted in Q4 2024.
This is according to the latest figures released by the National Bureau of Statistics (NBS) on Wednesday.
Meanwhile, total imports in Q1 2025 stood at ₦15.43 trillion — up 4.59% year-on-year from ₦14.75 trillion in Q1 2024, but down 7.02% from ₦16.59 trillion in the previous quarter.
Trade Balance Remains Positive
The country recorded a positive trade balance of ₦5.17 trillion in Q1 2025, a 51.07% increase from Q4 2024, underlining sustained export growth and narrowing import levels.
Crude Oil Leads the Way
Crude oil exports continued to dominate Nigeria’s external trade, accounting for ₦12.96 trillion or 62.89% of total exports. Non-crude exports stood at ₦7.64 trillion (37.11%), with non-oil products making up ₦3.17 trillion or 15.38% of total export value.
Top Trading Partners: China Maintains Lead
China remained Nigeria’s leading import partner with goods valued at ₦4.66 trillion (30.19% of total imports). Other top import sources included:
- India – ₦1.72 trillion (11.13%)
- United States – ₦1.42 trillion (9.22%)
- Netherlands – ₦809.83 billion (5.25%)
- UAE – ₦617.18 billion (4.00%)
Non-Oil Exports: Mineral Products and Foodstuffs Dominate
By export category, Nigeria’s trade was led by:
- Mineral products – ₦17.56 trillion (85.23%)
- Prepared foodstuffs, beverages, and tobacco – ₦1.43 trillion (6.94%)
- Chemical and allied products – ₦869.50 billion (4.22%)
Export Destinations: Europe Tops, Africa Lags
- Europe was Nigeria’s largest export destination at ₦8.64 trillion (41.96%)
- Asia followed with ₦6.75 trillion (32.79%)
- America received ₦3.33 trillion (16.16%)
Exports to Africa totaled ₦1.85 trillion (9% of total exports), with ECOWAS countries accounting for ₦1.07 trillion (57.58% of African trade).
Top African Export Destinations:
- South Africa – ₦708.69 billion
- Ivory Coast – ₦428.56 billion
- Senegal – ₦346.26 billion
- Togo – ₦134.80 billion
- Ghana – ₦122.07 billion
These five countries represented 93.91% of Nigeria’s total exports to Africa.
Key African Import Sources:
- Angola – ₦224.39 billion
- Togo – ₦132.31 billion
- South Africa – ₦125.38 billion
- Algeria – ₦124.39 billion
- Egypt – ₦90.21 billion
The data paints a picture of a resilient export sector, driven largely by oil but with signs of growing diversification, especially in food and chemical product exports.
