…The NBS numbers shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12,955.03 billion representing 62.89% of total exports
…The value of non-crude oil exports stood at N7,643.45 billion accounting for 37.11% of total exports
WED JUNE 11 2025-theGBJournal| Nigeria’s merchandise trade in goods and services totaled N36,024.66 billion in Q1 2025 comprising of N20,598 billion in exports and N15,426 billion in imports, according to the National Bureau of Statistics (NBS).
This resulted in positive N5,172.31 billion trade balance for Q1 2025, and indicating an increase of 51.07% compared to the value recorded in the preceding quarter.
This represents an increase of 6.19% compared to the value of N33,925.72 billion recorded in the corresponding period of 2024 and decreased by 1.58% compared to the
value recorded in the preceding quarter (N36,604.83 billion).
The NBS numbers shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12,955.03 billion representing 62.89% of total exports.
The value of non-crude oil exports stood at N7,643.45 billion accounting for 37.11% of total exports; of which non-oil products contributed N3.167.88 billion or 15.38% of total exports.
China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, The Netherlands, and The United Arab Emirate.
The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).
Meanwhile, the value of agricultural goods imported in Q1 2025 stood at N1,035.81 billion, representing a 12.52% increase compared to N920.54 billion reported in Q1 2024, and a 5.02% decline relative to N1,090.55 billion in Q4 2024.
In the same period, the import value of raw material goods was N1,811.10 billion, representing a 23.42% increase from N1,467.41 billion in Q1 2024, and a 14.14% decline compared to N2,109.26 billion in the preceding quarter (Q4 2024).
In the first quarter of 2025, solid mineral imports were valued at N91.78 billion, representing a 29.44% increase from N70.90 billion in Q1 2024, and a 17.90% decrease compared to N111.79 billion recorded in Q4 2024.
During the quarter, the value of imported manufactured goods stood at N7,512.22 billion, reflecting a 30.90% increase from N5,738.80 billion in Q1 2024, and an 11.35% decrease from ₦8,473.56 billion recorded in Q4 2024.
The value of other oil products imported in Q1 2025 stood at N3,786.98 billion, reflecting a 42.20% decrease from N6,551.82 billion in Q1 2024 and a 21.19% decline from N4,805.23 billion recorded in Q4 2024.
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