Nigeria’s Trade Surplus Slides to N6.69trn in Q3
Nigeria recorded a trade surplus of N6.691 trillion in the third quarter of 2025. This figure represents a 1.03 per cent drop over the N7.46 trillion recorded in Q2 ’25.
The National Bureau of Statistics (NBS) released its Q3 2025 foreign trade statistics yesterday, showing that Nigeria’s total merchandise trade stood at N38.937 trillion in Q3.
This represents an increase of 8.71 per cent over the value of N35.818 trillion recorded in the corresponding period of 2024 and an increase by 2.36 per cent compared to the value recorded in the preceding quarter (N38.038 trillion).
In the quarter under review, exports accounted for 58.59 per cent of total trade with a value of N22.814 trillion, showing an increase of 11.08 per cent over the value recorded in the corresponding quarter of 2024 (N20.537 trillion) and by 0.28 per cent compared to the value recorded in Q2, 2025 (N22.751 trillion).
Analysis shows that crude oil remained Nigeria’s major exported commodity in the third quarter of 2025 with a value of N12.807 trillion, representing 56.14 per cent of total exports.
A further breakdown revealed that the value of non-crude oil exports stood at N10.007 trillion, accounting for 43.86 per cent of total exports; of which non-oil products contributed N2.997 trillion or 13.14 per cent of total exports.
The report showed that in the third quarter of 2025, total imports were valued at N16.123 trillion, accounting for 41.41 per cent of total trade.
The value of total imports stood at N16.123 trillion in the third quarter of 2025, representing a 5.51 per cent increase from the value recorded in the corresponding quarter of 2024 (N15.281 trillion) and a 5.47 per cent increase compared to the value recorded in Q2, 2025 (N15.287 trillion).
Analysis of Nigeria’s import trade reveals that China continues to dominate in the third quarter of 2025, followed by the United States of America, India, the United Arab Emirates and Belgium.
The most traded commodities imported during the quarter, according to the report, were Petroleum oils and oils obtained from bituminous minerals, crude, gas oil, motor spirit ordinary, durum wheat and cane sugar meant for sugar refinery.
The value of agricultural goods imported in Q3 2025 stood at N1.103 trillion, representing a 25.03 per cent increase compared to N882.24 billion recorded in Q3 2024 and a 6.87 per cent decrease relative to N1.184 trillion recorded in Q2 2025.
In the same period, the import value of raw material goods was N2.017 trillion, representing a 27.70 per cent increase from N1.58 trillion in Q3 2024, and a 17.32 per cent increase compared to N1.719 trillion in the preceding quarter (Q2 2025).
The report further showed that in the third quarter of 2025, solid mineral imports were valued at N75.49 billion, representing an 18.82 per cent decrease from N92.99 billion, and a 6.50 per cent increase compared to N70.88 billion recorded in Q2 2025.
In the same period, the value of imported manufactured goods stood at N7.769 trillion, reflecting an 11.28 per cent increase from N6.982 trillion, and a 1.45 per cent decrease from N7.883 trillion recorded in Q2 2025.
The value of other oil products imported in Q3 2025 stood at N2.754 trillion, reflecting a 52.05 per cent decrease from N5.745 trillion in Q3 2024 and a 1.14 per cent decline from N2.786 trillion recorded in Q2 2025.
According to the NBS, Nigeria imported goods mainly from Asia, valued at N8.11 trillion, representing 50.30 per cent of total imports.
This was followed by imports from America valued at N3.919 trillion or 24.31 per cent, Europe with N3.438 trillion or 21.32 per cent, while imports from Oceania stood at N61.11 billion or 0.38 per cent in the third quarter of 2025.
Imports from African countries stood at a mere N595.00 billion or 3.69 per cent of total imports, of which imports from the Economic Community of West African States (ECOWAS) countries amounted to N179.26 billion or 30.13 per cent of imports from African countries.
Further analysis on Nigeria’s trading partners reveals that imports from China were valued at N4.785 trillion, representing 29.68 per cent of total imports.
This was followed by imports from The United States of America with N3.219 trillion, representing 19.96 per cent of total imports, India with imports valued at N1.378 trillion or 8.55 per cent of total imports, United Arab Emirates with goods valued at N790.66 billion, 4.90 per cent of total imports and goods from Belgium valued at N690.22 billion or 4.28 per cent of total imports.
Exports by region showed that Nigeria exported goods mainly to Europe, with goods valued at N8.706 trillion or 38.16 per cent of total exports, followed by exports to Asia valued at N6.403 trillion, or 28.07 per cent of total exports, while exports to America were valued at N2.580 trillion, representing 11.31 per cent of total exports.
Also, exports to Africa stood at N4.903 trillion or 21.49 per cent of the total exports, out of which goods exported to ECOWAS countries were valued at N3.136 trillion, or 63.96 per cent of the total exports to Africa. MTN Nigeria Rallies as Investors Bet on Earnings Outlook
