Nigeria’s export trade saw a notable boost in Q1 2025, reaching N20.598 trillion, a 2.92% increase from N20.01 trillion recorded in the previous quarter.
Year-on-year, this represents a 7.42% jump from N19.17 trillion posted in Q1 2024, according to data released by the National Bureau of Statistics (NBS).
India, Italy, and the Netherlands maintained their positions as Nigeria’s top export destinations during the period, underscoring the country’s strong trade relationships with key global markets.
The NBS report further highlighted that crude petroleum remained Nigeria’s dominant export commodity, accounting for N12.96 trillion, which represents 62.89% of total exports. Natural gas exports followed closely at N1.93 trillion, while other petroleum gases in gaseous form recorded N1.78 trillion in export value.
Below is the ranking of Nigeria’s top ten export destinations for Q1 2025, compared to Q1 2024, based on total export value:
Nigeria’s export to Malaysia surged to N550.30 billion in Q1 2025, making the country’s entry as top Nigeria’s export destination. Nigeria barely exported N99 billion to Malaysia in Q1 2024.
Crude oil dominated Nigeria’s exports to Malaysia, accounting for N458.98 billion, while non-crude oil exports stood at N91.32 billion during the quarter. Malaysia’s share of Nigeria’s total exports was reported at 2.67%, reflecting the growing trade relationship between both nations. Non-crude oil products exported to Malaysia are standard & superior quality cocoa beans, tin ores and concentrates, and technically specified natural rubber (TSNR).
France’s trade with Nigeria saw a sharp decline in Q1 2025, with total exports dropping by 32.08% to N1.443 trillion from N2.13 trillion recorded in Q1 2024. Despite the downturn, crude oil remained the dominant export commodity, accounting for N1.28 trillion, while non-crude oil exports contributed N162.32 billion during the quarter.
Non-crude oil products exported to France include natural cocoa butter and Urea.
Spain ranked as Nigeria’s eighth-largest export destination in Q1 2025, with total exports valued at N1.44 trillion. This marks a 28.84% decline compared to the N2.02 trillion recorded in the same quarter of the previous year.
Crude oil continued to dominate Nigeria’s exports to Spain, accounting for N989.54 billion, while non-crude exports stood at N450.48 billion. Spain’s share of Nigeria’s total exports was reported at 6.99%, highlighting its role as a key purchaser of Nigerian non-crude goods during the period.
Non-crude oil products exported to Spain are refined lead, dredgers, and technically specified natural rubber (TSNR).
Canada ranked as Nigeria’s seventh-largest export destination in Q1 2025, with total exports valued at N813.44 billion. This represents a 26.75% decline from the N1.11 trillion recorded in the same quarter of the previous year, according to data from the National Bureau of Statistics (NBS).
Crude oil dominated Nigeria’s exports to Canada, accounting for N796.97 billion, while non-crude exports contributed N16.46 billion during the quarter. Canada’s share of Nigeria’s total exports was reported at 3.95%.
South Africa retained its position as Nigeria’s only African country among its top ten export destinations in Q1 2025, with total exports valued at N708.69 billion. This marks a 25.95% decline from N957.06 billion recorded in the same quarter of the previous year.
Crude oil dominated Nigeria’s exports to South Africa, accounting for N704.73 billion, while non-crude oil exports stood at N3.96 billion during the quarter. Despite the decline, South Africa’s consistent presence on Nigeria’s export list highlights the importance of intra-African trade. Part of the non-crude oil product exported to South Africa was cigarette paper.
Crude oil dominated Nigeria’s exports to South Africa, accounting for N704.73 billion, while non-crude oil exports stood at N3.96 billion during the quarter. Despite the decline, South Africa’s consistent presence on Nigeria’s export list highlights the importance of intra-African trade. Part of the non-crude oil product exported to South Africa was cigarette paper.
Indonesia ranked as Nigeria’s fifth-largest export destination in Q1 2025, with total exports valued at N1.19 trillion, reflecting a 4.13% increase from the N1.14 trillion recorded in Q1 2024, according to the National Bureau of Statistics (NBS).
Crude oil dominated Nigeria’s exports to Indonesia, accounting for N1.15 trillion, while non-crude exports stood at N46.86 billion. Indonesia’s share of Nigeria’s total exports was reported at 5.79%, reinforcing its role as a consistent importer of Nigerian crude oil.
Despite stable trade volumes, Nigeria’s non-oil exports to Indonesia remain relatively low, signaling potential opportunities for diversification in the country’s export portfolio. Part of the non-crude oil product exported to Indonesia was superior-quality Cocoa beans.
The United States emerged as Nigeria’s fourth-largest export destination in Q1 2025, with total exports amounting to N1.54 trillion. This marks a 17.73% growth from the N1.31 trillion recorded in the same period of the previous year.
Notably, the U.S. remains a key market for Nigeria’s non-crude exports, nearly matching its crude oil imports. Liquefied natural gas, agricultural commodities, and metals were among the significant contributors to Nigeria’s export trade with the U.S. during the period.
Nigeria exported N779.38 billion worth of crude oil and N764.19 billion in non-oil goods to the U.S. in Q1 2025. The significant non-oil exports signal increasing trade diversification between the two countries, creating new opportunities for market expansion. Some of the non-crude oil products exported to the United States were standard quality Cocoa beans and Urea.
The Netherlands secured the third spot among Nigeria’s top export destinations in Q1 2025, driven by strong demand for both crude and non-crude exports, particularly in the oil and gas, agriculture, and industrial sectors.
Total exports to the Dutch market surged to N2.26 trillion, marking a 33.20% increase from N1.69 trillion recorded in Q1 2024, according to the latest data from the National Bureau of Statistics (NBS).
Crude oil dominated the export trade, accounting for N1.36 trillion, while non-crude exports contributed N894.08 billion during the quarter. Some of the non-crude oil products exported to the Netherlands were standard & superior quality cocoa beans.
Italy secured the second position among Nigeria’s top export destinations in Q1 2025, with total exports amounting to N1.24 trillion. This represents a 37.48% increase from the N904.27 billion recorded in the same period of the previous year.
Crude oil dominated the trade, accounting for N1.11 trillion, while non-crude exports stood at N135.61 billion. Italy’s share of Nigeria’s total exports was reported at 6.04%, underscoring its significance in Nigeria’s global trade network.
The steady growth in exports highlights Italy’s increasing demand for Nigerian commodities, reinforcing the strong trade ties between both nations. Non-crude oil products exported to Italy were standard quality Cocoa beans, other food crops.
India emerged as Nigeria’s top export destination in Q1 2025, with total exports reaching N2.84 trillion. This represents a significant 76.35% increase from the N1.61 trillion recorded in the same period of the previous year, according to data from the National Bureau of Statistics (NBS).
Notably, India imported more non-crude products than crude oil, signaling a diversification in Nigeria’s trade with the Asian powerhouse. Crude oil exports to India stood at N1.41 trillion, while non-oil exports recorded an impressive N1.43 trillion during the quarter.
India’s share of Nigeria’s total exports was reported at 13.80%, reinforcing its status as a key trading partner and highlighting the expanding scope of Nigeria’s export diversification efforts.
Part of the non-crude oil products exported to India were urea, cashew nuts in shell.
The NBS export trade data for Q1 2025 shows that while crude oil remains Nigeria’s principal export, there are signs of diversification, especially in the trade relationships with India, the United States, and Spain.
The data also shows worrying signs, especially with intra-African trade, as only South Africa made it to Nigeria’s top export destinations in Africa.