Nigeria’s foreign merchandise trade stood at ₦36,024.66 billion in Q1 2025, representing an increase of 6.19 percent compared to the value of ₦33,925.72 billion recorded in the corresponding period of Q1 2024.
The National Bureau of Statistics (NBS) foreign merchandise data released on Wednesday in Abuja also showed that it decreased by 1.58 percent compared to the value recorded in the preceding quarter (₦36,604.83 billion).
NBS stated, “Nigeria’s total merchandise trade stood at ₦36,024.66 billion in Q1, 2025. This represents an increase of 6.19% compared to the value of ₦33,925.72 recorded in the corresponding period of 2024 and decreased by 1.58% compared to the value recorded in the preceding quarter (₦36,604.83)”
According to the NBS, in the quarter under review, exports accounted for 57.18 percent of total trade, with a value of ₦20,598.48 billion, showing an increase of 7.42 percent over the value recorded in the corresponding quarter of 2024 (₦19,176.19 billion) and a 2.92 percent rise compared to the value recorded in Q4 2024 (₦20,014.33 billion).
The NBS disclosed that Nigeria’s exports continued to be dominated by crude oil in the first quarter of 2025, valued at ₦12,955.03 billion, representing 62.89 percent of total exports, while the value of non-crude oil exports stood at ₦7,643.45 billion, accounting for 37.11 percent of total exports, of which non-oil products contributed ₦3,167.88 billion or 15.38 percent of total exports.
Total exports in Q1 2025 were valued at ₦20,598.48 billion, reflecting a 7.42 percent rise compared to ₦19,176.19 billion in the corresponding quarter of 2024 and a 2.92 percent increase compared to ₦20,014.33 billion in Q4 2024.
The NBS reported, “In Q1 2025, the top five trading export partners were India, The Netherlands, United States, France, and Spain. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, urea, whether or not in aqueous solution, and standard quality cocoa beans.
“Exports of agricultural goods in the period under review amounted to ₦1,704.15 billion, representing a 64.65 percent rise from ₦1,035.02 billion in Q1 2024 and a 10.63 percent increase from ₦1,540.46 billion in Q4 2024.
“The value of raw material exports in Q1 2025 stood at ₦1,044.59 billion, representing a rise of 196.12 percent from ₦352.75 billion in Q1 2024 and 55.65 percent from ₦671.12 billion in Q4 2024.
“Solid mineral exports in Q1 2025 were valued at ₦58.87 billion; this shows a 7.17 percent decrease from ₦63.41 billion in Q1 2024 and also a decrease of 3.03 percent from ₦60.70 billion in Q4 2024.”
Also, the value of manufactured goods exports in Q1 2025 was ₦294.43 billion, reflecting a 9.58 percent increase from ₦268.70 billion in Q1 2024 and a decrease of 40.43 percent from ₦494.22 billion in Q4 2024, whereas crude oil exports in Q1 2025 were valued at ₦12,955.03 billion. The value decreased by 16.35 percent from ₦15,486.63 billion in Q1 2024 and by 6.01 percent from ₦13,783.00 billion in Q4 2024.
NBS stated that the total imports value stood at ₦15,426.17 billion in the first quarter of 2025, representing a rise of 4.59 percent from the value recorded in the corresponding quarter of 2024 (₦14,749.52 billion), and a decrease of 7.02 percent compared to the value recorded in Q4 2024 (₦16,590.51 billion).
China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, the United States of America, the Netherlands, and the United Arab Emirates.
The NBS said the most traded commodities imported during the quarter were: gas oil, motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals (crude), cane sugar meant for sugar refinery, and durum wheat (not in seeds).
The NBS highlighted that “The value of agricultural goods imported in Q1 2025 stood at ₦1,035.81 billion, representing a 12.52 per cent increase compared to ₦920.54 billion recorded in Q1 2024, and a 5.02 per cent decline relative to ₦1,090.55 billion in Q4 2024.
“In the same period, the import value of raw material goods was ₦1,811.10 billion, representing a 23.42 percent increase from ₦1,467.41 billion in Q1 2024, and a 14.14 percent decline compared to ₦2,109.26 billion in the preceding quarter (Q4 2024).
“In the first quarter of 2025, solid mineral imports were valued at ₦91.78 billion, representing a 29.44 percent increase from ₦70.90 billion in Q1 2024, and a 17.90 percent decrease compared to ₦111.79 billion recorded in Q4 2024.
“During the quarter, the value of imported manufactured goods stood at ₦7,512.22 billion, reflecting a 30.90 per cent increase from ₦5,738.80 billion in Q1 2024, and an 11.35 percent decrease from ₦8,473.56 billion recorded in Q4 2024.
“The value of other oil products imported in Q1 2025 stood at ₦3,786.98 billion, reflecting a 42.20 per cent decrease from ₦6,551.82 billion in Q1 2024 and a 21.19 percent decline from ₦4,805.23 billion recorded in Q4 2024.” (Nigerian Tribune)
