•Exports decline by 5.25% on weaker crude oil shipments

NIGERIA recorded a merchandise trade surplus of ₦1.71 trillion in the fourth quarter of 2025, despite a decline in crude oil exports, according to the latest Foreign Trade in Goods report released by the National Bureau of Statistics (NBS), on Tuesday.

The report showed that total merchandise trade stood at ₦36.21 trillion in Q4 2025, representing a 1.07 percent decrease from ₦36.60 trillion recorded in Q4 2024 and an 8.94 percent decline compared to ₦39.77 trillion recorded in Q3 2025.

NBS said the moderation in trade performance during the quarter was largely driven by a drop in crude oil export earnings, although the country maintained a positive trade balance throughout 2025.

Exports accounted for 52.36 percent of total trade, valued at ₦18.96 trillion, while imports stood at ₦17.25 trillion, sustaining the ₦1.71 trillion trade surplus.

However, the value of exports declined by 5.25 percent compared to Q4 2024 and fell 16.88 percent relative to Q3 2025, reflecting weaker crude oil shipments during the period.

Crude oil exports, which remain Nigeria’s largest export category, were valued at ₦9.70 trillion in Q4 2025, representing a 29.6 percent decline from ₦13.78 trillion in the corresponding period of 2024 and a 24.24 percent drop from ₦12.81 trillion recorded in the previous quarter.

Despite the drop in crude oil revenue, exports of other petroleum products increased significantly, rising to ₦6.12 trillion, representing an 80.45 percent increase year-on-year, although they declined by 12.77 percent compared to Q3 2025.

Nigeria’s top export destinations during the quarter were The Netherlands, India, Spain, France and Canada, with crude oil, natural gas, kerosene-type jet fuel, petroleum gases and urea among the most exported commodities.

The NBS report also highlighted improvements in some non-oil export segments.

Exports of raw materials rose sharply to ₦1.19 trillion, representing a 77.69 percent increase compared to ₦671.12 billion in Q4 2024.

Similarly, solid mineral exports reached ₦116.84 billion, reflecting a 92.48 percent increase year-on-year.

Agricultural exports stood at ₦1.32 trillion, although this represented a 14.11 percent decline compared to Q4 2024, even as it recorded a 68.20 percent increase from the preceding quarter.

The agricultural export segment was dominated by superior quality cocoa beans valued at ₦586.46 billion, followed by standard quality cocoa beans worth ₦292.16 billion, sesame seeds valued at ₦201.13 billion, and soya beans and natural cocoa butter.

Europe remained the leading destination for Nigeria’s agricultural exports, accounting for ₦843.48 billion, followed by Asia with ₦370.45 billion.

The Netherlands and Belgium were major buyers of Nigeria’s cocoa products, while China and India imported significant volumes of sesamum seeds.

On the import side, total imports rose to ₦17.25 trillion, representing a 3.98 percent increase compared to ₦16.59 trillion recorded in Q4 2024, and a 1.73 percent increase compared to ₦16.96 trillion in Q3 2025.

Analysis of Nigeria’s import trade showed that China remained the country’s largest source of imports, accounting for ₦5.39 trillion or 31.22 percent of total imports.

This was followed by the United States with ₦1.61 trillion (9.34 percent), the Netherlands with ₦1.52 trillion (8.80 percent), India with ₦1.12 trillion (6.47 per cent), and Brazil with ₦685.69 billion (3.97 percent).

The most imported commodities during the quarter included premium motor spirit (petrol), durum wheat, crude petroleum oils, cane sugar for refining and used vehicles with diesel or semi-diesel engines.

Sectoral analysis showed that manufactured goods dominated Nigeria’s imports, valued at ₦8.80 trillion, reflecting a 3.89 percent increase year-on-year.

Imports of raw materials stood at ₦2.35 trillion, representing an 11.50 percent increase compared to the same period in 2024, while agricultural imports rose to ₦1.44 trillion, marking a 31.74 percent year-on-year increase.

Solid mineral imports were valued at ₦140.99 billion, representing a 26.12 percent increase compared to Q4 2024 and an 86.77 percent rise from Q3 2025.

The report further showed that Asia remained Nigeria’s largest import region, accounting for ₦8.08 trillion or 46.83 per cent of total imports, followed by Europe with ₦5.75 trillion (33.31 per cent) and the Americas with ₦2.67 trillion (15.47 percent).

Imports from African countries stood at ₦696.13 billion, representing 4.04 percent of total imports, with ECOWAS countries accounting for ₦279.83 billion, or 40.20 percent of imports from Africa.

The NBS noted that although crude oil export earnings weakened in the quarter, Nigeria maintained a consistent trade surplus across all quarters in 2025, supported by continued demand for petroleum products and gradual growth in non-oil exports.

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