Nigeria’s merchandise trade balance for Q4 2025 remained positive at ₦1,712.48 Billion, even as the country recorded a decline in crude oil exports, a latest report from the National Bureau of Statistics (NBS) has disclosed.
The Q4 2025 Foreign Trade Statistics Report released by Bureau on Tuesday, said that the total merchandise trade stood at ₦36.21trillion in Q4, 2025, representing a decrease of 1.07% from ₦36,60trillion recorded in the corresponding period of 2024; and a decrease of 8.94% compared to the value recorded in the preceding quarter ₦39,77trillion.
The NBS report attributed the decline to crude oil exports drop recorded within the period.
The report said in the quarter under review, exports accounted for 52.36% of total trade with a value of ₦18,96trillion, showing a decrease of 5.25% over the ₦20,01trillion value recorded in the corresponding quarter of 2024 and a decrease of 16.88% compared to the value recorded in Q3, 2025 of ₦22,81trillion.
Analysis shows that crude oil remained Nigeria’s major exported commodity in the fourth quarter of 2025 with a value of ₦9,70trillion, representing 51.17% of total exports.
A further breakdown reveals that the value of non-crude oil exports stood at ₦9,26trillion, accounting for 48.83% of total exports; of which non-oil products contributed ₦3,14trillion or 16.59% of total exports.
On the other hand, imports accounted for 47.64% of total trade in the fourth quarter of 2025, with a value of ₦17,25trillion representing a 3.98% increase compared to ₦16,59trillion recorded in Q4 2024, and 1.73% increase from ₦16,95trillion recorded in Q3 2025.
IMPORTS
According to the report China continues to dominate in the fourth quarter of 2025, followed by the United States of America, The Netherlands, India and Brazil.
The report said the most traded commodities imported during the quarter were Motor spirit ordinary, Durum wheat, Petroleum oils and oils obtained from bituminous minerals crude, Cane sugar meant for sugar refinery, and Used Vehicles, with diesel or semidiesel engine.
The value of agricultural goods imported in Q4 2025 stood at ₦1,43trillion, representing a 31.74% increase compared to ₦1,09trillion recorded in Q4 2024, and a 30.24% increase relative to ₦1,10trillion recorded in Q3 2025.
In the same period, the import value of raw material goods was ₦2,35trillion, representing a 11.50% increase from ₦2,10trillion in Q4 2024, and a 16.59% increase compared to ₦2,01trillion in the preceding quarter (Q3 2025).
In the fourth quarter of 2025, solid mineral imports were valued at ₦140.99trillion, representing a 26.12% increase from ₦111.79trillion, and 86.77% increase compared to ₦75.49 trillion recorded in Q3 2025.
In the same period, the value of imported manufactured goods stood at ₦8,80trillion, reflecting a 3.89% increase from ₦8,473.56 billion, and a 13.31% increase from ₦7,76trillion recorded in Q3 2025.
The value of other oil products imported in Q4 2025 stood at ₦4,01trillion, reflecting a 16.38% decrease from ₦4,805.23 billion in Q4 2024 and a 11.95% increase from ₦3,58trillion recorded in Q3 2025.
EXPORTS
The report also disclosed that The Netherlands, India, Spain, France and Canada were Nigeria’s top five trading export partners In Q4 2025.
It revealed that the most exported commodities were crude oil, natural gas, Kerosine type jet fuel, other petroleum gases in a gaseous state, and Urea, whether or not in aqueous solution.
It said exports of agricultural goods in the period under review amounted to ₦1,32trillion representing a 14.11% decline from ₦1,54trillion in Q4 2024 and a 68.20% increase from ₦786.62 billion in Q3, 2025.
In the same period, the value of raw material exports stood at ₦1,19trillion, representing a rise of 77.69% from ₦671.12 billion in Q4 2024 and a 14.70% increase from ₦1,039.65 billion in Q3, 2025.
Analysis shows that solid mineral exports in Q4 2025 were valued at ₦116.84 billion; representing a 92.48% increase from ₦60.70 billion in Q4 2024 as well as an increase of 15.90% from ₦100.81 billion in Q3, 2025.
The value of manufactured goods exports in Q4 2025 stood at ₦423.43 billion, reflecting a 14.32% decrease from ₦494.22 billion in Q4 2024 and a decrease of 56.73% from ₦978.53 billion in Q3, 2025.
Crude oil exports in Q4 2025 were valued at ₦9,702.87 billion; the value decreased by 29.60% from ₦13.783.00 billion in Q4 2024 and decreased by 24.24% from ₦12,806.78 billion in Q3, 2025.
Other oil product exports in Q4 2025 stood at ₦6,115.00 billion, showing an increase of 80.45% from ₦3.388.80 billion in Q4 2024 and a decrease of 12.77% from ₦7,010.17 billion in Q3, 2025.
