By Nchetachi Chukwuajah
The National Bureau of Statistics (NBS) says Nigeria recorded a trade surplus of N1.71 trillion in the fourth quarter (Q4) of 2025.
The NBS noted that the increase came despite a drop in exports largely driven by a decline in crude oil shipments and earnings.
This was contained in the latest Foreign Trade Statistics Report released by the NBS on Tuesday, March 11, noting that Nigeria sustained a trade surplus throughout 2025 despite a decline in exports.
According to the report, total merchandise trade stood at N36.21 trillion in Q4 2025, a 1.07 per cent drop from the N36.60 trillion recorded in 14 2024 and an 8.94 per cent decline from N39.77 trillion in Q3 2025.
The report noted that exports were valued at N18.96 trillion and accounted for 52.36 per cent of total trade in the period.
“This represents a decrease of 5.25% over the value recorded in the corresponding quarter of 2024 (N20,014.33 billion) and a decrease of 16.88% compared to the value recorded in Q3, 2025 (N22,813.57 billion),” the NBS said.
According to the bureau, the decline was due to a drop in crude oil exports, which remained Nigeria’s dominant export commodity during the quarter.
The report stated that crude oil exports accounted for 51.17 per cent of total exports during the period and were valued at N9.70 trillion.
The value represents a 29.60 per cent decline from the N13.78 trillion recorded in the corresponding quarter of 2024 and dropped by 24.24 per cent compared to N12.81 trillion in Q3 2025.
During the quarter, non-crude oil exports stood at N9.26 trillion, representing 48.83 per cent of total exports, while non-oil products accounted for N03.15 trillion or 16.59 per cent of total exports.
The report noted that Nigeria’s top export destinations during the quarter were the Netherlands, India, Spain, France and Canada.
It disclosed that the most exported commodities included crude oil, natural gas, kerosene-type jet fuel, other petroleum gases in gaseous form, and urea.
On the import side, China remains Nigeria’s largest import country, with total imports rising to N17.25 trillion in Q4 2025.
The figure represents a 3.98 per cent increase from the N16.59 trillion recorded in Q4 2024 and a 1.73 per cent increase from N16.96 trillion in Q3 2025.
Other countries that topped Nigeria’s import country list during the period are the United States, the Netherlands, India, and Brazil.
The report listed the major imported commodities to include Premium Motor Spirit (petrol), durum wheat, crude petroleum oils and oils obtained from bituminous minerals, cane sugar meant for refining, and used vehicles with diesel or semi-diesel engines.
