Nigeria recorded a significant improvement in its trade balance in the first nine months of 2025, with the surplus rising by 43.8 per cent year-on-year to ₦19.32 trillion.
Data from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report show that export earnings continued to outpace imports during the period under review.
According to the report, total exports stood at ₦66.16 trillion in the first nine months of 2025 (9M’25), representing a 15.3 per cent increase from ₦57.34 trillion recorded in the corresponding period of 2024. Imports, on the other hand, grew at a slower pace, rising by 6.45 per cent to ₦46.84 trillion from ₦44 trillion.
As a result, Nigeria’s total merchandise trade rose to ₦122.99 trillion in 9M’25, reflecting a 21 per cent year-on-year increase from ₦101.3 trillion recorded in the same period of 2024.
Quarterly analysis showed mixed performance. The trade surplus expanded by 44.2 per cent to ₦7.46 trillion in the second quarter of 2025 (Q2’25), up from ₦5.17 trillion in the first quarter. However, the surplus declined by 10.36 per cent quarter-on-quarter to ₦6.69 trillion in the third quarter of 2025 (Q3’25).
The NBS stated that Nigeria’s merchandise trade balance in Q3’25 remained positive at ₦6.69 trillion, despite the decline compared to the previous quarter.
Total merchandise trade in Q3’25 stood at ₦38.94 trillion, representing an 8.71 per cent increase compared to ₦35.82 trillion recorded in the corresponding quarter of 2024. It also showed a 2.36 per cent rise over the ₦38.04 trillion recorded in Q2’25.
During the quarter, exports accounted for 58.59 per cent of total trade, valued at ₦22.8 trillion. This reflected an 11.08 per cent increase compared to ₦20.54 trillion recorded in Q3’24 and a marginal 0.28 per cent increase from ₦22.75 trillion in Q2’25.
The report revealed that crude oil remained Nigeria’s dominant export commodity in the third quarter of 2025, with exports valued at ₦12.81 trillion, accounting for 56.14 per cent of total exports. Non-crude oil exports stood at ₦10.01 trillion, representing 43.86 per cent of total exports, while non-oil products contributed ₦2.99 trillion, or 13.14 per cent of total exports.
On the import side, imports accounted for 41.41 per cent of total trade in Q3’25, with a value of ₦16.12 trillion. This represented a 5.51 per cent increase compared to ₦15.28 trillion recorded in Q3’24 and a 5.47 per cent rise from ₦15.29 trillion recorded in Q2’25.
