Nigeria’s total merchandise trade has increased to ₦38,936.55 billion in Q3, 2025, according to the latest report by the National Bureau of Statistics (NBS).
This represents an increase of 8.71% over the value; ₦35,818.35 billion recorded in the corresponding period of 2024 and an increase by 2.36% compared to the value recorded in the preceding quarter (₦38,037.52 billion).
According to the Q3 2025 Foreign Trade Statistics Report released by the NBS on Thursday, exports accounted for 58.59% of total trade with a value of ₦22,813.57 billion, showing an increase of 11.08% over the value recorded in the corresponding quarter of 2024 (₦20,537.17 billion) and by 0.28% compared to the value recorded in Q2, 2025 (₦22,750.74 billion).
Analysis shows that crude oil remained Nigeria’s major exported commodity in the third quarter of 2025 with a value of ₦12,806.78 billion representing 56.14% of total exports.
A further breakdown reveals that the value of non-crude oil exports stood at ₦10,006.79 billion accounting for 43.86% of total exports; of which non-oil products contributed ₦2,996.62 billion or 13.14% of total exports.
On the other hand, imports accounted for 41.41% of total trade in the third quarter of 2025, with a value of ₦16,122.98 billion representing a 5.51% increase compared to ₦15,281.18 billion recorded in Q3 2024, and 5.47% increase from ₦15,286.78 billion recorded in Q2 2025.
The merchandise trade balance for Q3 2025 remained positive at ₦6,690.59 billion, indicating a decrease of 10.36% compared to the value recorded in the preceding quarter.
Report shows that Nigeria imported goods mainly from Asia, valued at ₦8,109.90 billion representing 50.30% of total imports.
This was followed by imports from America valued at ₦3,919.46 billion or 24.31%, Europe with ₦3,437.52 billion or 21.32%, while imports from Oceania stood at ₦61.11 billion or 0.38% in the third quarter of 2025.
Meanwhile, imports from African countries stood at ₦595.00 billion or 3.69% of total imports; of which imports from ECOWAS countries amounted to ₦179.26 billion or 30.13% of imports from African countries.
Further analysis on Nigeria’s trading partners reveals that imports from China were valued at ₦4,784.65 billion, representing 29.68% of total imports.
This was followed by imports from The United States of America with ₦3,218.67 billion representing 19.96% of total imports, India with imports valued at ₦1,378.21 billion or 8.55% of total imports, United Arab Emirates with goods valued at ₦790.66 billion (4.90% of total imports) and goods from Belgium valued at ₦690.22 billion or 4.28% of total import.
