Nigeria’s total merchandise trade rose to N38.9 trillion in the third quarter of 2025, reflecting steady momentum in the country’s external sector despite global economic uncertainties.
This is according to the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics (NBS).
The latest figures represent an 8.71% increase from the N35.8 trillion recorded in the corresponding quarter of 2024 and a 2.36% rise compared to the N38.04 trillion posted in the second quarter of 2025.
In the quarter under review, exports accounted for 58.59% of total trade with a value of N22,8 trillion, showing an increase of 11.08% over the value recorded in the corresponding quarter of 2024 (N20.54 trillion) and by 0.28% compared to the value recorded in Q2, 2025 (N22.75 trillion).
Oil exports drive trade surplus
Nigeria’s total exports for the third quarter of 2025 stood at N22.8 trillion, marking an 11.08% increase from the N20.54 trillion recorded in the corresponding quarter of 2024, and a 0.28% rise over the N22.75 trillion recorded in Q2 2025.
According to the NBS, crude oil remained Nigeria’s dominant export commodity, with a value of N12.81 trillion, representing 56.14% of total exports for Q3 2025.
A further breakdown shows that non-crude oil exports totalled N10.01 trillion, accounting for 43.86% of total exports.
Within this category, non-oil products contributed N2.9 trillion, or 13.14% of total exports.
Exports of agricultural produce amounted to N786.62 billion, reflecting an 11.69% decline from N890.72 billion in Q3 2024 and a 37.39% drop compared to N1.26 trillion in Q2 2025.
Raw material exports were valued at N1.04 trillion, representing a significant 136.38% increase from N439.82 billion in Q3 2024 and a 26.83% rise compared to N819.72 billion in Q2 2025.
Solid mineral exports amounted to N100.81 billion, showing a 29.75% increase from N77.70 billion in Q3 2024 and an additional 30.41% growth from N77.31 billion reported in Q2 2025.
The value of manufactured goods exports stood at N978.53 billion, reflecting a 6.03% decline from N1.04 trillion in Q3 2024. However, compared to Q2 2025, this represents a 21.74% increase over the N803.81 billion recorded in the previous quarter.
Exports of other oil products in Q3 2025 totalled N7.01 trillion, showing a substantial 51.72% rise from N4.62 trillion in Q3 2024, but representing a 9.42% decline from the N7.74 trillion recorded in Q2 2025.
Overall, the export data for Q3 2025 reveal a mixed performance across sectors, with strong gains in raw materials and solid minerals contrasting declines in agricultural exports and some oil-related categories.
Trade surplus declines to N6.69 trillion
Imports accounted for 41.41% of Nigeria’s total trade in the third quarter of 2025, reaching N16.12 trillion. This represents a 5.51% increase from the N15.28 trillion recorded in Q3 2024, as well as a 5.47% rise compared to N15.29 trillion in the previous quarter.
Despite the growth in imports, Nigeria maintained a positive merchandise trade balance in Q3 2025.
The trade surplus stood at N6.69 trillion, though this reflects a 10.36% decline from the N7.46 trillion posted in Q2 2025, largely due to the faster pace of import growth relative to exports.
China still leads as Nigeria’s largest trading partner
The NBS data shows that on the import side, China remained Nigeria’s leading trading partner in Q3 2025, followed by the United States, India, the United Arab Emirates, and Belgium.
The most imported commodities during the quarter included petroleum oils and oils obtained from bituminous minerals (crude), gas oil, premium motor spirit (petrol), durum wheat, and cane sugar intended for sugar refining.
On the export side, Nigeria’s top five trading partners were India, Spain, France, the Netherlands, and Italy. The major commodities exported in the quarter were crude oil, natural gas, other petroleum gases in a gaseous state, kerosene-type jet fuel, and urea, whether or not in aqueous solution.
What this means
The increase in total merchandise trade—up 8.71% year-on-year—suggests that Nigeria’s external sector is regaining momentum despite global economic headwinds. Higher trade volumes point to improved production levels, stronger demand for Nigerian commodities, and greater activity at the ports.
Exports continue to drive trade performance, supported largely by crude oil and other petroleum products. The rise in total exports signals resilience in Nigeria’s main revenue-generating sectors.
However, the decline in agricultural exports exposes ongoing challenges in logistics, production, and value-chain competitiveness—an area requiring urgent policy attention.
With crude oil accounting for over 56% of total exports, Nigeria’s trade performance is still highly vulnerable to fluctuations in global oil prices and production levels. While non-oil exports are expanding, their share remains too small to significantly reduce the country’s dependence on hydrocarbons.
The presence of India, Spain, France, the Netherlands, and Italy among Nigeria’s top export destinations shows that demand from key global buyers remains stable. This is encouraging for export planning and revenue projections.
