Nigeria records N7.4trn trade surplus in Q2 2025 — NBS

Nigeria’s economy recorded a major boost in the second quarter of 2025 as the country posted a trade surplus of N7.46 trillion, according to the latest data released by the National Bureau of Statistics (NBS).

The NBS, in its Foreign Trade Report released on Friday, said total trade for the period stood at N38.03 trillion, reflecting a 20.05 percent increase compared with the same quarter of 2024 and a 5.59 percent rise over the first quarter of 2025. Exports were valued at N22.75 trillion, accounting for 59.81 percent of total trade, while imports stood at N15.28 trillion.

The report stated that exports grew by 28.43 percent year-on-year and 10.45 percent quarter-on-quarter, driven by stronger foreign demand for Nigerian products.

Crude oil remained the backbone of the external sector, contributing N11.96 trillion or 52.6 percent of total exports in the quarter. Non-crude oil exports amounted to N10.78 trillion, while manufactured goods and agricultural produce accounted for N3.04 trillion, representing 13.39 percent.

On the import side, mineral fuels topped Nigeria’s spending at N4.43 trillion, representing 28.95 percent, followed closely by machinery and transport equipment at N4.34 trillion or 28.38 percent, while chemicals and related products accounted for N2.46 trillion, representing 16.1 percent.

Spain emerged as Nigeria’s top export destination with goods worth N2.47 trillion, representing 10.85 percent, followed by India with N1.98 trillion, France with N1.62 trillion, the Netherlands with N1.54 trillion, and Canada with N1.42 trillion. These five countries collectively accounted for 39.72 percent of total exports in the quarter.

On the import chart, China remained dominant, supplying Nigeria goods valued at N4.96 trillion, representing 32.45 percent of total imports. The United States followed with N2.16 trillion or 14.12 percent, while imports from India were valued at N901.48 billion.

Other notable trading partners included the Netherlands with N606.82 billion and the United Arab Emirates with N536.09 billion.

The bureau noted that despite growth in non-oil exports, the data highlighted the country’s continued heavy reliance on oil revenues.