Nigeria’s trade surplus, which measures the difference between export and imports, fell 10.4 per cent to N6.7 trillion in the third quarter of 2025 as import increased, the latest data by the National Bureau of Statistics (NBS) shows.
The Foreign Trade in Goods Statistics (Q3 2025) Report showed that Nigeria’s total merchandise trade stood at N38.94 trillion in Q3 2025, representing an increase by 2.4 per cent compared to the value recorded in Q2 2025 (N38.04 trillion).
Total exports in the period under-review were valued at N22.81 trillion, reflecting a 11.1 per cent rise compared to N20.54 trillion in the corresponding quarter of 2024 and a 0.3 per cent increase when compared to N22.75 trillion in Q2 2025. The value of total imports stood at N16.12 trillion in the same period, representing a 5.5 per cent increase from the value recorded in the corresponding quarter of 2024 (N15.28 trillion) and a 5.5 per cent increase compared to the value recorded in Q2, 2025 (N15.29 trillion).
This happened even after Nigeria launched a Nigeria First Policy initiative, which seeks to prioritize Nigerian companies, goods, and services in procurement with the aims to reduce import dependency.
Exports accounted for 58.59 per cent of total trade while imports accounted for 41.41 per cent of total trade in the third quarter of 2025.
Analysis shows that crude oil remained Nigeria’s major exported commodity in the third quarter of 2025 with a value of N12.81 trillion, representing 56.1 per cent of total exports. A further breakdown reveals that the value of non-crude oil exports stood at N10.01 trillion accounting for 43.9 per cent of total exports; of which non-oil products contributed N29.96 trillion or 13.1 per cent of total exports.
In Q3 2025, Nigeria’s top five trading export partners were India, Spain, France, The Netherlands, and Italy. The most exported commodities were crude oil, natural gas, other petroleum gases in a gaseous state, Kerosene type jet fuel, and Urea, whether or not in aqueous solution.
China continued to dominate as Nigeria’s top import partner followed by the United States of America, India, the United Arab Emirates (UAE), and the Belgium. The most traded commodities imported during the quarter were Petroleum oils and oils obtained from bituminous minerals crude, Gas oil, Motor spirit ordinary, Durum wheat, Cane sugar meant for sugar refinery.
The value of exports to African countries stood at N4.9 trillion, while imports amounted to N595.00 billion. Nigeria’s exports to Africa were mainly to Ivory Coast with N1.44 trillion, Ghana with goods valued at N714.03 billion, South Africa with N710.33 billion, Togo followed with N531.06 billion, and Senegal with N418.64 billion altogether representing 77.8 per cent of exports to Africa.
On the other hand, Nigeria’s major import partners within Africa in Q3 2025 were South Africa with N163.44 billion, Ghana with goods valued at N110.42 billion, Egypt with N72.04 billion, Morocco with N59.99 billion, and Ivory Coast with N41.87 billion.