From Isaac Anumihe, Abuja
Nigeria’s total trade in the first quarter of 2025 rose to N36.02 trillion, marking a 6.19 per cent increase from N33.93 trillion recorded in the same period in 2024, according to new data released by the National Bureau of Statistics (NBS) yesterday.
The figure, however, represents a slight decline of 1.58 per cent when compared to the previous quarter (N36.60 trillion).
The bureau noted that exports dominated the trade landscape in Q1 2025, accounting for N20.60 trillion or 57.18 per cent of total trade. This reflects a 7.42 per cent increase from N19.18 trillion in Q1 2024 and a 2.92 per cent rise from N20.01 trillion recorded in Q4 2024.
“Crude oil remained the cornerstone of Nigeria’s external trade, contributing N12.96 trillion or 62.89 per cent of total exports,” the NBS stated. Non-crude oil exports stood at N7.64 trillion, making up 37.11 per cent of total exports, while non-oil products contributed N3.17 trillion—15.38 per cent of total exports.
Top export destinations included India, the Netherlands, the United States, France, and Spain. Key export commodities were crude oil, liquefied natural gas, other petroleum gases, urea (whether or not in aqueous solution), and standard quality cocoa beans.
The value of agricultural goods exported in Q1 surged to N1.70 trillion, representing a 64.65 per cent jump from N1.04 trillion in Q1 2024 and a 10.63 per cent increase from N1.54 trillion in Q4 2024. Raw material exports soared by 196.12 per cent to N1.04 trillion from N352.75 billion in Q1 2024.
However, not all sectors experienced growth. “Solid mineral exports fell by 7.17 per cent to N58.87 billion from N63.41 billion in Q1 2024, and by 3.03 per cent from N60.70 billion in the previous quarter,” NBS noted.
Manufactured goods exports grew modestly to N294.43 billion—up 9.58 per cent from Q1 2024 but down significantly from N494.22 billion in Q4 2024. Meanwhile, crude oil exports dropped by 16.35 per cent year-on-year and 6.01 per cent quarter-on-quarter.
On the import side, Nigeria brought in goods worth N15.43 trillion in Q1 2025—an increase of 4.59 per cent from N14.75 trillion in Q1 2024, but a 7.02 per cent drop compared to N16.59 trillion in Q4 2024.
China remained Nigeria’s largest import partner, followed by India, the United States, the Netherlands, and the United Arab Emirates. The most imported commodities included gas oil, motor spirit, petroleum oils, cane sugar for refineries, and durum wheat.
Agricultural imports climbed to N1.04 trillion, up 12.52 per cent year-on-year but down 5.02 per cent from Q4 2024. Raw material imports also rose sharply to N1.81 trillion, reflecting a 23.42 per cent jump from Q1 2024.
“Solid mineral imports reached N91.78 billion, up 29.44 per cent from the previous year but down 17.90 per cent from the previous quarter,” the bureau reported.
Manufactured goods accounted for a significant share of imports, valued at N7.51 trillion in Q1 2025—30.90 per cent higher than Q1 2024, though down 11.35 per cent from Q4 2024. Conversely, imports of other oil products dropped sharply to N3.79 trillion, a 42.20 per cent fall year-on-year and a 21.19 per cent decline quarter-on-quarter.
The Q1 2025 trade figures highlight both opportunities and vulnerabilities in Nigeria’s external sector, with strong export performance partially offset by lingering volatility in crude oil and manufactured goods trade.