Nigeria recorded a trade surplus of N6.691 trillion in the third quarter of 2025, representing a 1.03 per cent decline from the N7.46 trillion surplus posted in Q2 2025.

According to the National Bureau of Statistics’ (NBS) Q3 2025 Foreign Trade Report released on Thursday, the country’s total merchandise trade stood at N38.937 trillion, an 8.71 per cent increase over the N35.818 trillion recorded in Q3 2024 and a 2.36 per cent rise from N38.038 trillion reported in the previous quarter.

Exports accounted for 58.59 per cent of total trade at N22.814 trillion, marking an 11.08 per cent increase from N20.537 trillion in Q3 2024 and a marginal 0.28 per cent rise from N22.751 trillion recorded in Q2 2025.

Crude oil remained Nigeria’s major export, valued at N12.807 trillion and representing 56.14 per cent of total exports. Non-crude exports amounted to N10.007 trillion (43.86 per cent), of which non-oil products accounted for N2.997 trillion (13.14 per cent).

Total imports for the period stood at N16.123 trillion, representing 41.41 per cent of total trade. This reflects a 5.51 per cent increase from N15.281 trillion in Q3 2024 and a 5.47 per cent rise from N15.287 trillion recorded in Q2 2025. Nigeria’s top trading partner, dominating imports in Q3 2025, followed by the United States, India, the United Arab Emirates and Belgium. The most imported commodities included petroleum oils (crude), gas oil, premium motor spirit, durum wheat and cane sugar for refining.

Agricultural imports were valued at N1.103 trillion, a 25.03 per cent increase from N882.24 billion in Q3 2024 but a 6.87 per cent decline from N1.184 trillion in Q2 2025. Raw material imports amounted to N2.017 trillion, a 27.70 per cent rise year-on-year and 17.32 per cent increase quarter-on-quarter.

Solid mineral imports fell by 18.82 per cent to N75.49 billion but rose by 6.50 per cent from Q2 2025. Manufactured goods imports stood at N7.769 trillion, up 11.28 per cent year-on-year but slightly down by 1.45 per cent from Q2 2025. Imports of other oil products dropped sharply by 52.05 per cent year-on-year to N2.754 trillion.

Nigeria imported goods mainly from Asia (N8.11 trillion or 50.30 per cent), followed by America (N3.919 trillion or 24.31 per cent), Europe (N3.438 trillion or 21.32 per cent), Oceania (N61.11 billion or 0.38 per cent), and Africa (N595 billion or 3.69 per cent). Imports from ECOWAS countries amounted to N179.26 billion.

On the export side, Europe remained Nigeria’s largest destination with N8.706 trillion (38.16 per cent), followed by Asia with N6.403 trillion (28.07 per cent), America with N2.580 trillion (11.31 per cent), and Africa with N4.903 trillion (21.49 per cent). Exports to ECOWAS countries stood at N3.136 trillion, representing 63.96 per cent of total exports to Africa. (The Guardian)

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