Nigeria’s total exports rose to N20.598 trillion in the first quarter (Q1) of 2025, marking a 7.42% increase from N19.176 trillion recorded in Q1 2024, according to the latest figures released by the National Bureau of Statistics (NBS). The report also showed a modest 2.92% rise from Q4 2024’s total exports of N20.01 trillion.
During the same period, imports stood at N15.43 trillion, reflecting a 4.59% year-on-year increase from Q1 2024’s N14.75 trillion, but a 7.02% decline compared to Q4 2024’s N16.59 trillion.
As a result, the trade balance for Q1 2025 remained positive at N5.17 trillion, representing a 51.07% increase compared to the previous quarter a strong signal of improved export dominance.
The NBS data revealed that crude oil exports maintained dominance, accounting for N12.96 trillion or 62.89% of the total export value. Non-crude oil exports stood at N7.64 trillion, making up 37.11% of exports. Within this category, non-oil products contributed N3.17 trillion, or 15.38% of the total.
Nigeria’s Top Trading Partners
China retained its position as Nigeria’s leading import partner, with N4.66 trillion worth of goods — 30.19% of total imports. It was followed by:
- India (N1.72 trillion, 11.13%)
- United States (N1.42 trillion, 9.22%)
- Netherlands (N809.83 billion, 5.25%)
- United Arab Emirates (N617.18 billion, 4.00%)
Nigeria exported goods mainly to Europe (N8.64 trillion, 41.96%), followed by Asia (N6.75 trillion, 32.79%) and the Americas (N3.33 trillion, 16.16%).
Exports to Africa were valued at N1.85 trillion, or 9% of total exports. Of this, 57.58% (N1.07 trillion) went to ECOWAS countries. Nigeria’s top African export destinations included:
- South Africa – N708.69 billion
- Ivory Coast – N428.56 billion
- Senegal – N346.26 billion
- Togo – N134.80 billion
- Ghana – N122.07 billion
Together, these five countries accounted for 93.91% of Nigeria’s exports to the continent.
The main sectors contributing to non-oil exports were:
- Mineral products – N17.56 trillion (85.23% of exports)
- Prepared foodstuffs, beverages, spirits, vinegar, tobacco – N1.43 trillion (6.94%)
- Chemical and allied products – N869.50 billion (4.22%)
Nigeria’s top African import partners in Q1 2025 included:
- Angola – N224.39 billion
- Togo – N132.31 billion
- South Africa – N125.38 billion
- Algeria – N124.39 billion
- Egypt – N90.21 billion
The 9am News report highlights that despite economic challenges, Nigeria’s positive trade balance and diversified export destinations signal resilience in foreign trade and an ongoing shift towards broader export base beyond crude oil.
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