Nigeria Economic Update, Issue 37

The National Bureau of Statistics’ (NBS) Foreign Trade in Goods report for Q2 2025 revealed a trade surplus, due in part to rising exports of petroleum products. Nigeria’s total merchandise trade was ₦38.04 trillion, a 20.05% year-on-year rise from the ₦31.68 trillion recorded in Q2 2024. The trade balance stood positive at ₦7.46 trillion, up by 44.31% from the previous quarter. Total imports were valued at ₦15.29 trillion, a 9.43% increase from Q2 2024 but slightly down 0.90% from Q1 2025 at ₦15.43 trillion. China remained the largest import partner, followed by the USA and India. Key imports included motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals crude, durum wheat, machines for reception, conversion, and transmission of voice, images, or data, and gas oil. Agricultural imports rose by 32.60% compared to Q2 2024. Exports totalled ₦22.75 trillion, an increase of 28.43% from Q2 2024 and 10.45% from Q1 2025, driven by crude oil exports valued at ₦11.97 trillion (52.6% of total exports), other petroleum gases in a gaseous state, natural gas, other liquefied petroleum gases, other gaseous hydrocarbons, and kerosene-type jet fuel. Top export partners were Spain, India, France, the Netherlands, and Canada. Agricultural exports climbed 29.03% from Q2 2024 but were down 26.28% quarter-on-quarter. While the positive trade balance reflects stronger petroleum exports, Nigeria should diversify its export base by strengthening non-oil and agricultural value chains. This will reduce reliance on crude oil, mitigate against external shocks, and sustain long-term trade growth. 

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