Nigeria recorded N1.71trn trade surplus in Q4 2025 — NBS
Nigeria recorded a N1.71 trillion merchandise trade surplus in the fourth quarter (Q4) of 2025, according to the National Bureau of Statistics (NBS).
The NBS, in its foreign trade statistics report on Tuesday, said total merchandise trade stood at N36.21 trillion in Q4 2025, representing a 1.07 percent decrease from N36.60 trillion recorded in the corresponding period of 2024.
The statistics office added that the figure also declined by 8.94 percent compared to N39.77 trillion recorded in the preceding quarter (Q3 2025), attributing the drop mainly to a decline in crude oil exports.
A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh the country’s imports.
“In the quarter under review, exports accounted for 52.36 percent of total trade with a value of N18.96 trillion,” the NBS said.
The report noted that the export value decreased by 5.25 percent compared to N20.60 trillion recorded in Q4 2024, and fell by 16.88 percent relative to N22.81 trillion posted in Q3 2025.
Further analysis showed that crude oil remained Nigeria’s largest export commodity during the period.
According to the NBS, crude oil exports were valued at N9.70 trillion, representing 51.17 percent of total exports.
The report added that non-crude oil exports stood at N9.26 trillion, accounting for 48.83 percent of total exports, while non-oil products contributed N3.15 trillion, representing 16.59 percent of total exports.
On the import side, the NBS said imports accounted for 47.64 percent of total trade, with a value of N17.25 trillion in Q4 2025.
The figure represents a 3.98 percent increase compared to N16.59 trillion recorded in Q4 2024, and a 1.73 percent rise from N16.96 trillion recorded in Q3 2025.
Analysis by the statistics firm showed that China remained the country’s largest source of imports, with goods valued at N5.39 trillion, representing 31.22 percent of total imports.
The NBS said imports from the United States stood at N1.61 trillion (9.34 percent), followed by The Netherlands with N1.52 trillion (8.80 percent), India with N1.12 trillion (6.47 percent), and Brazil with imports valued at N685.69 billion (3.97 percent).
“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,” NBS added.
On the export side, the report said The Netherlands emerged as Nigeria’s largest export destination in the quarter, with exports valued at N2.03 trillion, representing 10.72 percent of total exports.
This was followed by India with N1.83 trillion (9.64 percent), Spain with N1.71 trillion (9.02 percent), France with N1.36 trillion (7.19 percent), and Canada with exports valued at N1.03 trillion, representing 5.42 percent of total exports.
The NBS said the five countries collectively accounted for 41.99 percent of Nigeria’s total export value in Q4 2025.
Furthermore, NBS said 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”.