Nigeria’s total exports rose to N20.598 trillion in the first quarter (Q1) of 2025, representing a 7.42% increase compared to N19.176 trillion in the corresponding quarter of 2024, and a 2.92% rise from N20.01 trillion recorded in Q4 2024.
This was revealed in the latest data released on Wednesday by the National Bureau of Statistics (NBS).
The value of total imports stood at N15.43 trillion in the first quarter of 2025, representing a rise of 4.59% from the value recorded in the corresponding quarter of 2024 (N14.75 trillion) and a decrease by 7.02% compared to the value recorded in Q4, 2024 (N16.59 trillion), NBS data shows.
The trade balance for Q1 2025 also remained positive at N5.17 trillion, indicating an increase of 51.07% compared to the value recorded in the preceding quarter.
According to the NBS, Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.96 trillion representing 62.89% of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11% of total exports; of which non-oil products contributed N3.17 trillion or 15.38% of total exports.
The NBS data further reveals that imports from China were valued at N4.66 trillion, representing 30.19% of total imports. This was followed by imports from India, with N1.72 trillion representing 11.13% of total imports. The United States, with imports valued at N1.42 trillion or 9.22% of total imports,
The Netherlands, with goods valued at N809.83 billion (5.25% of total imports) and goods from the United Arab Emirates valued at N617.18 billion, or 4.00% of total imports.
The exports by section revealed that Nigeria exported mainly ‘mineral products’ valued at N17.56 trillion, or 85.23% of the total export value, this was followed by exports of ‘Prepared foodstuffs; beverages, spirits and vinegar; tobacco’ worth N1.43 trillion or 6.94% of total exports and ‘Products of the chemical and allied industries’ with N869.50 billion or 4.22% of the value of total exports, the NBS data reveals.
Also, exports trade by region shows that Nigeria exported goods mainly to Europe, with goods valued at N8.64 trillion or 41.96% of total exports, followed by exports to Asia valued at N6.75 trillion or 32.79% of total exports, while exports to America was valued at N3,329.45 billion representing 16.16% of total exports.
In Q1, 2025, the value of exports to African countries stood at N1.85 trillion or 9.0% of the total exports, out of which, goods exported to ECOWAS countries were valued at N1.07 trillion or 57.58% of the total exports to Africa.
Nigeria’s exports to Africa were mainly to South Africa with N708.69 billion, Ivory Coast with goods valued at N428.56 billion, Senegal Republic with N346.26 billion, Togo with N134.80 billion, and Ghana with N122.07 billion, altogether representing 93.91% of exports to Africa.
On the other hand, Nigeria’s major import partners in Q1 2025 within Africa were Angola with N224.39 billion, Togo with goods valued at N132.31 billion, and South Africa with N125.38 billion. Other import origins are Algeria with N124.39 billion Egypt with N90.21 billion.