Nigeria’s foreign trade in the second quarter of 2025 extended its recovery streak, posting a trade surplus of N7.46 trillion, the strongest in nearly three years, as exports rose sharply while imports cooled slightly.
Figures from the National Bureau of Statistics (NBS) released this week show that total trade stood at N38.03 trillion in the second quarter of the year, marking a 20 per cent increase from a year earlier and a 5.6 per cent rise from the previous quarter.
Exports accounted for N22.75 trillion, up 10.5 per cent quarter-on-quarter, while imports slipped 0.9 per cent to N15.29 trillion.
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Crude oil remained Nigeria’s mainstay, with shipments valued at N11.97 trillion and accounting for over half of total exports. Yet, crude earnings fell more than N1 trillion compared to Q1.
The shortfall was counterbalanced by stronger non-crude oil sales, including natural gas and refined petroleum products, which jumped to N10.78 trillion. Non-oil exports, though still modest, climbed to N3.05 trillion, representing 13.4 per cent of total exports.
Manufactured goods delivered one of the biggest returns, with exports surging 173 per cent from the first quarter to N803.8 billion.
Items ranged from light vessels and drilling platforms sent to Europe and Africa to aluminium alloys shipped to Asia.
Agricultural exports, however, slowed from the record highs of its first quarter performance, falling to N1.26 trillion.
Cashew nuts and cocoa beans dominated, with large consignments heading to Vietnam, India, and the Netherlands. Raw material exports also eased to N819.7 billion, though urea sales to Brazil and gold shipments to Switzerland remained robust.
Spain emerged as Nigeria’s top buyer during the quarter, taking in N2.47 trillion worth of goods, followed by India, France, the Netherlands, and Canada. Together, these five markets absorbed nearly 40 per cent of total exports.
On the import side, China stayed ahead with N4.96 trillion, trailed by the United States, India, the Netherlands, and the UAE.
Nigeria’s trade with Africa stood at N2.97 trillion in exports and N821.4 billion in imports. Togo, South Africa, and Côte d’Ivoire were the main destinations, while fuel and textiles led imports from neighbours. Within West Africa, exports hit N1.97 trillion, more than four times the region’s imports at N396 billion.
Maritime transport continued to dominate Nigeria’s global commerce, handling almost 9 per cent of exports and 95 per cent of imports.
The Apapa Port alone processed N17.9 trillion in exports and nearly N7 trillion in imports, ahead of Lekki and Tin Can.
