Nigeria’s foreign trade in the first quarter of 2025 delivered a cautiously optimistic signal for the economy as the country recorded a trade surplus of N5.17 trillion, the highest in almost two years. This came as imports softened and non-oil exports gained fresh momentum.

Figures released by the National Bureau of Statistics (NBS) on Tuesday in its Foreign Trade Report show that total trade stood at N36.02 trillion in the first quarter, representing a 6.2 percent rise year-on-year, though marginally down from the previous quarter.

Of this, exports accounted for N20.6 trillion, a 2.9 percent increase from Q4 2024, while imports dipped by 7 percent to N15.4 trillion.

While crude oil remained the bulk source of Nigeria’s export earnings, contributing over 62 percent of total exports at N12.96 trillion, its value slipped by more than N800 billion compared to the last quarter of 2024.

That decline was offset in part by the steady rise of non-oil exports, which climbed to N3.17 trillion, now accounting for more than 15 percent of total exports, the highest share in over a year.

Agricultural exports posted one of the strongest performances in the period, growing nearly 65 percent from a year earlier to hit N1.7 trillion. Cocoa beans, both standard and superior grades, dominated the list, followed by cashew nuts, sesamum seeds, and natural cocoa butter.

In contrast to crude, urea, liquefied natural gas, and cocoa-based products rose in export value in favour of the government’s ongoing push for export diversification.

Much of this produce made its way to European and Asian markets, with the Netherlands, Belgium, India, and Vietnam among the top buyers.

India was Nigeria’s top export destination, accounting for N2.84 trillion worth of goods, followed by the Netherlands, the United States, France, and Spain.

Meanwhile, China held onto its position as Nigeria’s biggest import partner, shipping goods worth N4.66 trillion into the country, nearly a third of all imports.

Manufactured goods exports rose to N294.4 billion in the quarter, a slight improvement year-on-year, but suffered a sharp drop from Q4. The bulk of these exports included aluminium alloys, dredgers, and cathodes, mainly destined for Asia and Europe.

On the import side, manufactured goods were valued at N7.5 trillion, down 11 percent from the previous quarter. Key items ranged from motorcycles imported from India to electronic devices and chemicals sourced from China, the U.S., and Saudi Arabia.

Trade in raw materials followed a similar trend. Exports more than doubled to over N1 trillion, driven largely by urea sales to Brazil and gold to Switzerland. But raw material imports slid to N1.81 trillion, with cane sugar from Brazil and additives from the United States among the top imported items.

Trade with African countries was valued at N1.85 trillion in exports and N767 billion in imports. South Africa, Côte d’Ivoire, and Senegal received the bulk of Nigeria’s goods, mostly petroleum products and fertilisers, while imports from the continent were dominated by oil, refined fuel, and animal hides from countries like Angola, Togo, and Egypt.

Exports to West Africa alone totalled N1.1 trillion, while imports from the region were just above N213 billion.

Maritime transport remained the dominant channel for Nigeria’s international trade, accounting for nearly 99 percent of exports and over 94 percent of imports.

The Apapa Port handled the largest share of trade activity, processing N17.7 trillion in exports and over N8 trillion in imports during the quarter. (Business Day)