Nigeria exported N1.7tr agric produce, recorded N36tr foreign trade in Q1 – NBS
Nigeria recorded a total of N36tr worth of trade with foreign countries in the first quarter of 2025. According to a report released by the National Bureau of Statistics (NBS), Nigeria exported goods worth N20.598tr while it imported goods worth N15.426tr. The report said the country made a N5.172tr surplus during the quarter. While it […]
Nigeria recorded a total of N36tr worth of trade with foreign countries in the first quarter of 2025.
According to a report released by the National Bureau of Statistics (NBS), Nigeria exported goods worth N20.598tr while it imported goods worth N15.426tr.
The report said the country made a N5.172tr surplus during the quarter.
While it said Nigeria’s exports were dominated by crude oil sales worth N12.955tr, agricultural produce worth N1.74tr was exported, with cocoa beans the highest commodity sold.
The report said the total trade represented an increase of 6.19% compared to the value of N33,925.72 recorded in the corresponding period of 2024 and decreased by 1.58% compared to the value recorded in the preceding quarter (N36,604tr).
“In the quarter under review, exports accounted for 57.18% of total trade with a value of N20.598tr, showing an increase of 7.42% over the value recorded in the corresponding quarter of 2024 (N19.176tr) and by 2.92% compared to the value recorded in Q4, 2024 (N20.014tr).
‘Exports dominated by Crude oil’
Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.955tr representing 62.89% of total exports while the value of non-crude oil exports stood at N7.643tr accounting for 37.11% of total exports; of which non-oil products contributed N3.167tr or 15.38% of total exports.
“On the other hand, imports accounted for 42.82% of total trade in the first quarter of 2025, with a value of N15.426tr representing a 4.59% increase compared to N14.749tr recorded in Q1 2024, and a 7.02% decrease from N16.590tr recorded in Q4 2024. The merchandise trade balance for Q1 2025 remained positive at N5.172tr, indicating an increase of 51.07% compared to the value recorded in the preceding quarter.
“In the first quarter of 2025, total imports were valued at N15.426tr, accounting for 42.82% of total trade. Using the Standard International Trade Classification, the top-ranked group import was “mineral fuels” with N4.972tr representing 32.23% of total imports, this was followed by “machinery and transport equipment” with N4,058tr or 26.31% of total imports and “Chemicals & related products” with N2,231tr (14.46% of total imports).
“The report added that Nigeria imported goods mainly from Asia, valued at N8.772tr, representing 56.87% of total imports and followed by imports from Europe valued at N3.260tr or 21.14%, then America with N2.292tr or 14.86%. Oceania stood at N98bn or 0.64%.
“Imports to African countries stood at N1tr or 6.49% of total imports; of which imports from ECOWAS countries amounted to N200.36bn or 1.30% of total imports”.
Analysis by trading partners reveals that imports from China were valued at N4.657tr, representing 30.19% of total imports. This was followed by imports from India, with N1.716tr representing 11.13% of total imports.
The United States with imports valued at N1.421tr or 9.22% of total imports. The Netherlands, with goods valued at N809bn (5.25% of total imports), and goods from the United Arab Emirates valued at N617 bn, or 4.00% of total imports.