Nigeria recorded a trade surplus of N5.17 trillion in the first quarter of 2025, as export growth outpaced imports, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
The data show total merchandise trade valued at N36.02 trillion between January and March, a 6.19 per cent increase on the same period in 2024.
However, trade activity eased slightly compared with the preceding quarter, falling by 1.58 per cent from N36.60 trillion.
Exports accounted for N20.60 trillion, representing 57.18 per cent of total trade with a 7.42 per cent rise year on year and a 2.92 per cent increase compared with the final quarter of 2024.
Although imports stood at N15.43 trillion during the period and this was 4.59 per cent higher than a year earlier, it represented a sharp 7.02 per cent decline from the previous quarter, contributing to the stronger trade balance.
Crude oil continued to dominate Nigeria’s export profile, valued at N12.96 trillion and accounting for nearly 63 per cent of total exports.
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Non-crude oil exports amounted to N7.64 trillion, while non-oil products contributed N3.17 trillion, or just over 15 per cent of export earnings.
India, the Netherlands, the United States (US), France and Spain emerged as Nigeria’s leading export destinations during the quarter.
On the import side, China remained the country’s largest trading partner, followed by India, the US, the Netherlands and the United Arab Emirates (UAE).
Key exports included crude oil, liquefied natural gas, petroleum gases, urea and cocoa beans.
Major imports were gas oil, motor spirit, crude petroleum oils, cane sugar for refining and durum wheat.
The statistics agency said Nigeria’s positive trade balance rose by more than 50 per cent compared with the previous quarter, reflecting stronger export performance and a slowdown in imports.