Nigeria achieved a significant trade surplus of N7.46 trillion in the second quarter of 2025, marking a robust performance in the country’s foreign trade sector, according to the latest data released by the National Bureau of Statistics (NBS).
The positive trade balance was driven by exports totaling N22.75 trillion, substantially outweighing imports of N15.28 trillion during the three months. This surplus represents a healthy economic indicator, demonstrating that Nigeria’s export earnings exceeded its import expenditures by a considerable margin.
Strong Growth Trajectory
The country’s total trade volume reached N38.03 trillion in Q2 2025, reflecting impressive growth momentum across multiple metrics. Year-on-year comparisons show a remarkable 20.05 percent increase from the N31.68 trillion recorded in the corresponding quarter of 2024, while quarter-on-quarter growth stood at a solid 5.59 percent compared to Q1 2025’s N36.02 trillion.
Exports dominated the trade landscape, accounting for nearly 60 percent (59.81 percent) of total trade activity. The export sector demonstrated particularly strong performance with a 28.43 percent year-on-year increase and a 10.45 percent quarter-on-quarter rise, signaling sustained competitiveness in international markets.
Oil Maintains Dominance, Non-Oil Sector Shows Promise
Crude oil exports continued to anchor Nigeria’s trade performance, generating N11.96 trillion in revenue and representing 52.60 percent of total exports. However, the diversification story is gaining traction, with non-crude oil exports contributing a substantial N10.78 trillion, or 47.40 percent of total exports.
Notably, non-oil products alone accounted for N3.04 trillion, representing 13.39 percent of total exports—a positive indicator for Nigeria’s ongoing economic diversification efforts away from heavy reliance on petroleum revenues.
Import Patterns Reflect Infrastructure and Energy Needs
On the import side, the data reveals Nigeria’s continued dependence on critical industrial inputs. Mineral fuels topped the import list at N4.43 trillion (28.95 percent of total imports), followed closely by machinery and transport equipment at N4.34 trillion (28.38 percent). Chemicals and related products rounded out the top three categories with N2.46 trillion in imports (16.10 percent).
Global Trade Partnerships
Nigeria’s export destinations showed a diverse geographic spread, with Spain emerging as the leading market, absorbing N2.47 trillion worth of Nigerian goods (10.85 percent of total exports). India secured second position with N1.98 trillion (8.71 percent), followed by France at N1.62 trillion (7.13 percent), the Netherlands at N1.54 trillion (6.75 percent), and Canada at N1.43 trillion (6.27 percent). These five nations collectively accounted for nearly 40 percent of Nigeria’s export revenues.
Import partnerships revealed China’s continued dominance as Nigeria’s primary source market, with N4.96 trillion in goods imported (32.45 percent of total imports). The United States followed as the second-largest import partner at N2.16 trillion (14.12 percent), with India, the Netherlands, and the UAE completing the top five import sources.
Economic Implications
This strong trade performance suggests Nigeria’s economy is benefiting from both favorable commodity prices and improved export diversification efforts. The substantial trade surplus provides the country with foreign exchange earnings that can support currency stability and fund critical development projects.
However, the heavy reliance on mineral fuel imports and machinery indicates ongoing infrastructure and energy challenges that require continued attention from policymakers. The positive trajectory in non-oil exports offers encouragement for Nigeria’s long-term economic sustainability goals.
The data underscores Nigeria’s position as a significant player in global trade, with partnerships spanning multiple continents and a growing capacity to generate export revenues beyond traditional petroleum products.
WHAT YOU SHOULD KNOW
Nigeria achieved a robust N7.46 trillion trade surplus in Q2 2025, with exports (N22.75 trillion) significantly outpacing imports (N15.28 trillion). While crude oil remains the dominant export at 52.60% of total exports, the standout development is that non-oil exports now contribute nearly half (47.40%) of all exports, signaling meaningful economic diversification.
Total trade grew 20% year-over-year, with Spain and India as top export destinations, while China remains Nigeria’s largest import partner. This performance demonstrates Nigeria’s strengthening position in global trade and reduced dependence on oil revenues.
