Nigeria recorded total exports valued at ₦20.598 trillion in the first quarter of 2025, according to data released by the National Bureau of Statistics (NBS).
This marks a 7.42% year-on-year increase from the ₦19.176 trillion recorded in Q1 2024 and a 2.92% rise over the previous quarter’s ₦20.01 trillion.
The positive trade performance helped the country maintain a robust trade surplus, estimated at ₦5.17 trillion for Q1 2025, representing a significant 51% increase from Q4 2024.
The total value of Nigeria’s international trade stood at ₦36.02 trillion in the period under review.
Crude Oil Dominates, But Non-Oil Exports Gain Ground
Crude oil remained the dominant export commodity, contributing ₦12.955 trillion, or 62.9% of total export earnings. However, non-crude oil exports which include solid minerals, manufactured goods, and agricultural products grew in share, accounting for ₦7.643 trillion (37.1%).
Within this non-crude segment, non-oil exports (excluding gas and refined petroleum) stood at ₦3.168 trillion, indicating a growing diversification of Nigeria’s trade portfolio.
Trade Partners and Regional Distribution
Europe emerged as Nigeria’s top export destination, receiving goods worth ₦8.64 trillion, or 42% of the total.
Asia followed closely with ₦6.75 trillion (33%), while the Americas imported ₦3.33 trillion (16%) worth of Nigerian goods. African countries, mainly within ECOWAS accounted for ₦1.85 trillion, representing 9% of Nigeria’s total exports.
On the import side, Nigeria brought in goods valued at ₦15.426 trillion, down 7% from Q4 2024 but still reflecting a 4.6% increase year-on-year.
The moderation in imports contributed to the expanding trade surplus and reflects ongoing efforts to improve local production and reduce reliance on foreign goods.
Outlook
Analysts say the latest trade figures reflect early signs of success from Nigeria’s diversification drive, especially as non-oil exports steadily gain market share. However, global oil market volatility and local production challenges remain key risks.
“Crude oil remains central, but the momentum in non-oil exports is encouraging,” said Chinedu Okoro, a Lagos-based trade economist. “If supported by export-friendly policies and infrastructure, Nigeria could begin to shift its trade narrative meaningfully.”
The Federal Government has reiterated its commitment to boosting export capacity through incentives for non-oil producers, improved port operations, and expanded trade partnerships across Africa and the Middle East.
