Nigeria’s trade surplus dropped sharply to ₦1.71 trillion in the fourth quarter of 2025 as crude oil exports declined, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
Punch Newspapers The data showed that although the country maintained a positive trade balance during the period, the surplus weakened significantly compared with the same period in 2024 when it stood at ₦3.42 trillion.
The decline was largely driven by reduced earnings from crude oil exports and rising imports.
�Punch NewspapersTotal merchandise trade in the quarter stood at ₦36.21 trillion, representing a slight 1.07 percent decrease from ₦36.60 trillion recorded in the corresponding quarter of 2024.
Exports continued to exceed imports, but their value fell notably during the period.
According to the NBS, total exports dropped to ₦18.96 trillion, reflecting a 5.25 percent decline year-on-year and a 16.88 percent drop compared with the third quarter of 2025. Exports accounted for 52.36 percent of total trade during the quarter.
Crude oil remained Nigeria’s dominant export commodity, contributing ₦9.70 trillion or about 51.17 percent of total exports. However, crude export earnings fell sharply by 29.60 percent from ₦13.78 trillion recorded in Q4 2024, significantly weakening the country’s trade performance.
Non-crude exports were valued at ₦9.26 trillion, representing 48.83 percent of total exports, while non-oil exports contributed ₦3.15 trillion, or 16.59 percent of the export total.
Exports of other petroleum products rose strongly to ₦6.12 trillion, increasing by more than 80 percent year-on-year, which partially offset the drop in crude oil earnings.
Meanwhile, imports increased to ₦17.25 trillion, representing a 3.98 percent rise from ₦16.59 trillion in Q4 2024. Imports accounted for 47.64 percent of total trade, reflecting Nigeria’s continued dependence on foreign manufactured goods and energy-related products.
Machinery and transport equipment were the largest import category at ₦5.13 trillion, followed by mineral fuels worth ₦4.52 trillion and chemicals valued at ₦2.70 trillion.
Regionally, Nigeria imported most of its goods from Asia, valued at ₦8.08 trillion, followed by Europe with ₦5.75 trillion, while imports from Africa stood at ₦696.13 billion.
China remained Nigeria’s largest import partner, ahead of the United States, the Netherlands, India and Brazil.
On the export side, Europe was the largest destination for Nigerian goods, accounting for ₦6.87 trillion or 36.24 percent of exports, followed by Asia with ₦5.11 trillion.
Nigeria’s top export partners included the Netherlands, India, Spain, France and Canada.
Despite the drop in crude exports, Nigeria still maintained a trade surplus because total exports exceeded imports during the period, underscoring the continued influence of oil revenues on the country’s external trade performance.
Source: Punch.ng
