Nigeria recorded an upswing in its external trade position in the second quarter of 2025, as the country’s trade surplus widened by 44.3% to N7.46 trillion, up from N5.17 trillion in the previous quarter.
This is according to the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics (NBS).
The report highlights how buoyant export earnings outpaced import pressures in Q2 2025.
Exports drive surplus despite crude oil slump
Nigeria’s total exports stood at N22.75 trillion in Q2, a 10.5% increase from Q1 and 28.4% higher than the same period in 2024. Imports, by contrast, slipped marginally by 0.9% quarter-on-quarter to N15.29 trillion. This dynamic created the wider surplus that has boosted Nigeria’s external account.
Crude oil, which contributed N11.97 trillion or 52.6% of total exports, posted a decline of 5.1% year-on-year and 7.6% compared to Q1. The fall was, however, offset by strong growth in other petroleum products, which nearly doubled year-on-year to N7.74 trillion, reflecting gains from gas exports and refined petroleum products. Non-oil exports also proved resilient, rising to N3.05 trillion, representing 13.4% of total exports.
A deeper look at sectoral performance shows that manufactured goods exports were one of the standout stories of the quarter. The sector expanded to N803.8 billion, a 173% increase from Q1 and a 67% rise compared with the same quarter of 2024. Key manufactured exports included vessels, floating platforms, and aluminum alloys, shipped largely to European and Asian markets.
Solid minerals also strengthened their contribution, with exports jumping by 31% from Q1 to N77.3 billion, led by shipments of cement clinkers and mineral substances to destinations like China and Cameroon.
This performance highlights a gradual diversification of Nigeria’s export base beyond hydrocarbons, though oil and gas still accounted for more than 85% of total exports.
Imports remain heavy as China tightens grip
On the import side, Asia dominated with N7.65 trillion, representing 50% of total imports. China remained Nigeria’s largest import partner, supplying N4.96 trillion worth of goods — more than double that of the United States, which followed with N2.16 trillion. Other key import sources included India, the Netherlands, and the United Arab Emirates.
The bulk of imports comprised machinery, refined petroleum products, wheat, and pharmaceuticals. Manufactured imports were particularly weighty, at N7.88 trillion, showing Nigeria’s continued reliance on foreign industrial inputs. Agricultural imports also grew to N1.18 trillion, driven by wheat imports from Canada and Russia.
Key trading partners
Spain retained its position as Nigeria’s largest export destination in Q2, receiving goods worth N2.47 trillion, or 10.9% of total exports. It was followed by India with N1.98 trillion, France with N1.62 trillion, the Netherlands with N1.54 trillion, and Canada with N1.43 trillion. Together, these five countries accounted for nearly 40% of Nigeria’s total exports.
Regionally, Europe remained the top export market, absorbing 38% of Nigeria’s shipments. Asia followed with 33%, the Americas accounted for 16%, while Africa took 13%. Within Africa, ECOWAS countries stood out with exports worth N1.93 trillion, dominated by petroleum products such as crude oil, kerosene jet fuel, and gas oil.
On the import side, Asia maintained its dominance, supplying half of Nigeria’s total imports at N7.65 trillion. China led the way with N4.96 trillion worth of goods, more than double the United States at N2.16 trillion. Key imports included refined petroleum products, wheat, and telecommunication machinery, highlighting Nigeria’s reliance on external supply for essential goods.
Key transport hubs
Maritime transport continued to dominate Nigeria’s trade logistics, carrying 99% of exports and 95% of imports.
Apapa Port retained its primacy, handling N17.93 trillion worth of exports and N6.96 trillion worth of imports.
The Lekki Deep Sea Port also emerged as a growing hub, accounting for over 10% of exports and 16% of imports, pointing to its increasing role in easing Nigeria’s port congestion.
Implications for economy and outlook
The sharp rise in the trade surplus offers Nigeria breathing space to strengthen its foreign reserves and reduce pressure on the naira.
- The positive balance could help stabilize the macroeconomic environment, though the dominance of petroleum in export earnings leaves the country vulnerable to external shocks.
- The promising growth in manufactured and solid mineral exports signals a slow but notable shift toward diversification.
- However, the persistently high import bill, especially in machinery and refined products, shows the need for deeper industrialization.
