Nigeria recorded a positive trade balance in Q1 2025, as total exports outweighed imports, according to the latest data released by the National Bureau of Statistics (NBS).
Total merchandise trade in the quarter stood at N36.02trn, marking a 6.19% increase compared to Q1 2024, although slightly down 1.58% from the previous quarter (Q4 2024).
Exports rose to N20.60trn, reflecting a 7.42% year-on-year (YoY) growth and a 2.92% quarter-on-quarter increase.
Exports accounted for 57.18% of total trade, with crude oil exports contributing N12.96 trillion (62.89%).
Non-crude oil exports stood at N7.64trn, while non-oil products accounted for N3.17trn or 15.38% of total exports.
Imports declined by 7.02% from N16.59trn to N15.43trn, though still 4.59% higher YoY compared to Q1 2024.
Top import partners included China, India, the United States, the Netherlands, and the UAE. The main imported commodities were gas oil, premium motor spirit (petrol), crude petroleum oils, cane sugar, and durum wheat.
The top export destinations were India, the Netherlands, the United States, France, and Spain. Key exported products included crude oil, liquefied natural gas, petroleum gases, urea, and cocoa beans. With exports surpassing imports by N5.17trn,
Nigeria posted a trade surplus, highlighting continued reliance on crude oil exports and a modest expansion in non-oil trade.
Analysts believe that Nigeria’s Q1 2025 trade surplus signals a resilient export performance driven by strong crude oil sales and moderate growth in non-oil exports.
The drop in imports suggests reduced domestic demand or improved local sourcing.
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