Nigeria’s total merchandise trade reached N36,024.66 billion in the first quarter of 2025, according to the National Bureau of Statistics (NBS).
The figure, released in the NBS Foreign Trade in Goods Statistics Report on Wednesday in Abuja, represents a 6.19 per cent increase compared to N33,925.72 billion in Q1 2024.
However, it marks a 1.58 per cent decrease from the N36,604.83 billion recorded in Q4 2024.
Total exports stood at N20,598.48 billion, accounting for 57.18 per cent of total trade. This was a 7.42 per cent rise from N19,176.19 billion in Q1 2024 and a 2.92 per cent increase from N20,014.33 billion in Q4 2024.
Crude oil exports dominated Nigeria’s export trade in Q1 2025, valued at N12,955.03 billion or 62.89 per cent of total exports.
Non-crude oil exports accounted for N7,643.45 billion, representing 37.11 per cent of exports, with non-oil products contributing N3,167.88 billion or 15.38 per cent of total exports.
Top export partners in Q1 2025 included India, The Netherlands, the United States, France, and Spain.
Leading exported commodities were crude oil, liquefied natural gas, other petroleum gases in gaseous form, urea (whether or not in aqueous solution), and standard quality cocoa beans.
Total imports amounted to N15,426.17 billion, making up 42.82 per cent of total trade and marking a 4.59 per cent increase from N14,749.52 billion in Q1 2024.
Imports, however, declined by 7.02 per cent compared to N16,590.51 billion in Q4 2024.
China remained Nigeria’s largest import partner, followed by India, the USA, The Netherlands, and the United Arab Emirates.
Major imported commodities included gas oil, motor spirit, petroleum oils and oils from bituminous minerals, crude, cane sugar for refinery, and durum wheat (not in seeds).
The merchandise trade balance for Q1 2025 was positive at N5.172 billion, a 51.07 per cent increase compared to Q4 2024.
