Nigeria recorded a trade surplus of N5.17 trillion in the first quarter of 2025, marking a 51% increase from the previous quarter’s N3.42 trillion, according to the National Bureau of Statistics.
Total trade reached N36.02 trillion, up 6.2% year-on-year, with exports accounting for N20.6 trillion. Crude oil remained dominant, contributing N12.96 trillion—or nearly 63%—despite a 16% fall in oil revenues from Q1 2024.
The drop was offset by a sharp rise in non-oil exports, particularly agricultural products, which rose by 64.7% to N1.7 trillion. Key drivers included cocoa, cashew, and sesame, with strong demand from Europe and Asia.
Officials say the figures reflect resilience in Nigeria’s export sector amid global market volatility, and point to diversification efforts gradually gaining traction.
Analysts expect continued export growth if non-oil sectors remain prioritised in national trade policy.
Leave feedback about this
You must be logged in to post a comment.