Nigeria’s trade surplus rises by 44.3% in Q2 2025 – Report

Nigeria recorded an increase in it’s external trade position in the second quarter of 2025, with  trade surplus growing to N7.46 trillion according to the latest data released by the National Bureau of Statistics (NBS).

The trade widened by 44.3 per cent from N5.17 trillion reported the previous quarter.

The positive trade balance, where the value of exports exceeded imports, was driven by strong growth in outbound trade.

The NBS Foreign Trade Report for Q2 2025 revealed that  Nigeria’s total exports amounted to N22.75 trillion, representing a 10.5 per cent increase from the the first quarter and 24.4 per cent compared to the same period in 2024. 

Import on the other hand declined marginally by 0.9 per cent to N15.29 trillion, bringing wider surplus that boosted Nigeria external account.

An analysis of the report showed that Crude oil remains the nation’s primary export, accounting for N11.96 trillion, or 52.60 per cent  of total exports year on year and 7.6 per cent compared to first quarter this year.

The fall was, however, offset by strong growth in other petroleum products, which nearly doubled year-on-year to N7.74 trillion, reflecting gains from gas exports and refined petroleum products. 

Sectoral performance shows that manufactured goods exports were one of the standout within the period under review,  The sector expanded to N803.8 billion, a 173 per cent  increase from first quarter and a 67 per cent rise compared with the same quarter of 2024. 

The major manufactured exports included vessels, floating platforms, and aluminum alloys, shipped largely to European and Asian markets.

In terms of export destinations, Spain was Nigeria’s top partner, receiving 10.85 per cent  of total exports, followed by India, France, the Netherlands, and Canada.

These five countries collectively accounted for nearly 40 per cent of Nigeria’s total exports during the quarter.

On the import side, China maintained its position as the top trading partner, with imports valued at N4.96 trillion, representing 32.45 per cent  of total imports. This was followed by the United States and India.

The leading imported commodities were mineral fuels, machinery and transport equipment, and chemicals.