Nigeria records N12trn trade surplus, 21% non-oil export growth in H1 2025 — Trade Ministry

…Special Economic Zones Generate $500 Million in Export Revenue, 20,000 Jobs

Nigeria recorded a N12 trillion trade surplus in the first half of 2025, as non-oil exports grew by 21 percent to $12.8 billion, signalling a strong rebound in trade driven by policy reforms under the Federal Ministry of Industry, Trade and Investment (FMITI).

Overall trade value rose by 14 percent, supported by improved export processes, targeted trade reforms, and growing value addition across key non-oil sectors.

The gains were detailed in the ministry’s 2025 review of activities and priorities for 2026, highlighting Nigeria’s economic repositioning under the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR.

According to the review, FMITI implemented a coordinated reform programme in 2025 covering investment attraction, trade expansion, export diversification, and institutional strengthening. These efforts translated policy direction into measurable economic outcomes through collaboration with government agencies, the private sector, and development partners.

“The year 2025 marked a defining phase in Nigeria’s economic repositioning, with FMITI delivering critical reforms that deepened industrial capacity, expanded exports, and restored investor confidence,” the review stated.

It added: “Non-oil exports grew by 21 percent, reaching $12.8 billion in H1 2025, nearly double the $6.5 billion target, contributing to a N12 trillion trade surplus during the same period.”

The ministry highlighted leading non-oil exports, which included cocoa and cocoa derivatives, sesame seeds, cashew nuts, shea butter, ginger, hibiscus, rubber, palm oil derivatives, fertilisers, cement and clinker, and liquefied natural gas (LNG).

Export capacity was strengthened through partnerships with the Nigerian Export Promotion Council (NEPC), with 27,352 exporters trained, 200 MSMEs certified for international trade, and 3,047 farmers supported with hybrid seedlings.

The Women Export Fund expanded access to trade finance for women-led enterprises, attracting over 67,000 applications and awarding grants to 146 women-led businesses.

“Nigeria’s Special Economic Zones generated over $500 million in export revenues and created more than 20,000 direct jobs, reinforcing their role as engines of export-led growth, industrialisation, and employment generation through NEPZA and OGFZA,” the ministry added.

Beyond trade, FMITI recorded significant progress in investment attraction, adopting a systems-driven approach that improved project visibility, reduced information gaps, and strengthened the bankability of investment pipelines.

The approach yielded measurable outcomes, with four priority investment projects valued at $13.7 billion progressing to advanced stages, representing a conversion rate of over 25 percent from $50.8 billion in signed Memoranda of Understanding (MoUs).

Through structured deal origination, the ministry built a de-risked investment pipeline exceeding $5 billion across priority sectors, leveraging roadshows, curated deal rooms, and coordinated investor engagement to convert opportunities into bankable projects.

The ministry noted that this strategic approach to investment attraction demonstrates Nigeria’s readiness to respond proactively to global economic challenges, signalling that Nigeria is open for business. (Vanguard)