Mkpoikana Udoma
Port Harcourt — Nigeria’s export earnings surged to N20.6 trillion in the first quarter of 2025, outpacing imports by over N5 trillion and signaling a modest trade surplus in the face of global economic headwinds.
According to new data from the National Bureau of Statistics, NBS, total exports rose by 7.42% compared to N19.18 trillion recorded in Q1 2024, and by 2.92% from N20.01 trillion in Q4 2024.
The improved performance was driven largely by sustained global demand for crude oil.
Crude oil remained the dominant export, accounting for 68.87% of total export value in Q4 2024, at N13.78 trillion. Non-crude oil exports made up the remaining N6.23 trillion or 31.13%, with non-oil products contributing just N2.84 trillion, 4.20% of the total.
On the import side, Nigeria recorded a total import value of N15.43 trillion in Q1 2025, up 4.59% from N14.75 trillion in Q1 2024 but down 7.02% from N16.59 trillion in Q4 2024. The dip from the previous quarter suggests tightening foreign exchange access and increased local substitution may be slowing import flows.
In total, Nigeria’s merchandise trade for Q1 2025 stood at N36.03 trillion, with exports accounting for 57.2% of the total, positioning the country on a cautiously optimistic trade path.
The Q1 data follows a strong Q4 2024 performance when total trade reached N36.6 trillion, a 68.32% increase from Q4 2023.
The oil sector’s dominance continues to raise concerns about diversification, despite marginal growth in non-oil exports.
