The latest report from the National Bureau Statistics (NBS) shows that Nigeria recorded trade surplus in the first quarter of 2025, with a total merchandise trade of N36,604.83 billion.
This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2024 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35).
According to the report, the total exports in Q1 2025 were valued at N 20,598,48 billion, reflecting a 7.42% rise compared to N19,176.19billion in the corresponding quarter of 2024 and a 2.92% increase compared to N20,014.33 billion in Q4, 2024.
It said in Q1 2025 , the top five trading export partners were India, The Netherlands, United States, France, and Spain. While the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.
NBS said exports of agricultural goods in the period under review amounted to N1,704.15 billion representing a 64.65% rise from N1,035.02 billion in Q1 2024 and a 10.63% increase from N1,540.46 billion in Q4, 2024.
It said the value of raw material exports in Q1 2025 stood at N1,044.59 billion, representing a rise of 196.12% from N352.75 billion in Q1 2024 and 55.65% from N671.12 billion in Q4, 2024.
It said the solid mineral exports in Q1 2025 were valued at N58.87 billion; this shows a 7.17% decrease from N63.41billion in Q1 2024 and also a decrease of 3.03% from N60.70 billion in Q4, 2024.
It also revealed that the value of manufactured goods exports in Q1 2025 was N294.43 billion, reflecting a 9.58% increase from N268.70 billion in Q1 2024 and a decrease of 40.43% from N494.22 billion in Q4, 2024.
The Bureau said crude oil exports in Q1 2025 were valued at N12,955.03 billion; the value decreased by 16.35% from N15,486.63billion in Q1 2024 and by 6.01% from N13,783.00 billion in Q4, 2024. While other oil product exports in Q1 2025 stood at N4,475.58 billion, showing an increase of 134.24% rise from N1,910.71 billion in Q1 2024 and as well as increase of 32.07% from N3,388.80 billion in Q4, 2024.
Meanwhile, it disclosed that the value of total imports stood at N 15,426.17 billion in the first quarter of 2025, representing a rise of 4.59% from the value recorded in the corresponding quarter of 2024 (N14,749.52 billion) and decreased by 7.02% compared to the value recorded in Q4, 2024 (N16,590.51billion).
It said China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, The Netherlands, and The United Arab Emirate.
According to the Bureau, the most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).
It said the value of agricultural goods imported in Q1 2025 stood at N1,035.81 billion, representing a 12.52% increase compared to N920.54 billion recorded in Q1 2024, and a 5.02% decline relative to N1,090.55 billion in Q4 2024
According to NBS, in the same period, the import value of raw material goods was N1,811.10 billion, representing a 23.42% increase from N1,467.41 billion in Q1 2024, and a 14.14% decline compared to N2,109.26 billion in the preceding quarter (Q4 2024).
It also said in the first quarter of 2025, solid mineral imports were valued at N91.78 billion, representing a 29.44% increase from N70.90 billion in Q1 2024, and a 17.90% decrease compared to N111.79 billion recorded in Q4 2024
During the quarter, it said the value of imported manufactured goods stood at N7,512.22 billion, reflecting a 30.90% increase from N5,738.80 billion in Q1 2024, and an 11.35% decrease from N8,473.56 billion recorded in Q4 2024.
While the value of other oil products imported in Q1 2025 stood at N3,786.98 billion, reflecting a 42.20% decrease from N6,551.82 billion in Q1 2024 and a 21.19% decline from N4,805.23 billion recorded in Q4 2024
