Nigeria’s total exports rose to N20.598 trillion in the first quarter of 2025, marking a 7.42 per cent increase compared to N19.176 trillion recorded in the same period of 2024, and a 2.92 per cent rise from N20.01 trillion reported in the fourth quarter of 2024.
This was disclosed in the latest data released by the National Bureau of Statistics (NBS).
The NBS data also showed that total imports stood at N15.43 trillion in the first quarter of 2025, representing a 4.59 per cent increase from the N14.75 trillion recorded in the corresponding period of 2024, but a 7.02 per cent decline compared to N16.59 trillion recorded in the fourth quarter of 2024.
As a result, Nigeria recorded a positive trade balance of N5.17 trillion in Q1 2025, reflecting a 51.07 per cent increase from the previous quarter.
Crude oil continued to dominate Nigeria’s export trade, accounting for N12.96 trillion or 62.89 per cent of total exports during the quarter.
Non-crude oil exports stood at N7.64 trillion, representing 37.11 per cent of total exports, while non-oil products contributed N3.17 trillion, amounting to 15.38 per cent of the total export value.
The data further showed that China maintained its position as Nigeria’s leading trading partner, with imports from the Asian giant valued at N4.66 trillion, accounting for 30.19 per cent of total imports.
This was followed by India, with imports worth N1.72 trillion or 11.13 per cent; the United States with N1.42 trillion or 9.22 per cent; the Netherlands with N809.83 billion or 5.25 per cent; and the United Arab Emirates with N617.18 billion or 4.00 per cent.
An analysis of exports by product section revealed that Nigeria exported mainly mineral products worth N17.56 trillion, representing 85.23 per cent of total exports.
This was followed by prepared foodstuffs, beverages, spirits, vinegar, and tobacco valued at N1.43 trillion or 6.94 per cent, while products of the chemical and allied industries contributed N869.50 billion or 4.22 per cent.
Regionally, Europe remained Nigeria’s top export destination with goods valued at N8.64 trillion, or 41.96 per cent of total exports.
Exports to Asia followed at N6.75 trillion, representing 32.79 per cent, while exports to America were valued at N3.33 trillion, or 16.16 per cent of total exports.
Nigeria’s trade with African countries during the first quarter of 2025 amounted to N1.85 trillion, representing 9.0 per cent of total exports.
Exports to ECOWAS countries accounted for N1.07 trillion or 57.58 per cent of total African exports.
Within Africa, South Africa was Nigeria’s largest export destination, receiving goods worth N708.69 billion.
‘This was followed by Ivory Coast with N428.56 billion, Senegal with N346.26 billion, Togo with N134.80 billion, and Ghana with N122.07 billion, collectively accounting for 93.91 per cent of total exports to Africa.
On the import side, Nigeria’s major African partners in Q1 2025 included Angola, with goods valued at N224.39 billion; Togo, N132.31 billion; South Africa, N125.38 billion; Algeria, N124.39 billion; and Egypt, N90.21 billion.
