…Overall, the country’s merchandise trade balance for Q4 2025 remained positive at N1,712.48 billion.
…The total merchandise trade stood at N36,214.34 billion in Q4, 2025, representing a decrease of 1.07% from N36,604.83 billion recorded in the corresponding period of 2024
By theG&BJournal
TUE MAR 10 2026-theGBJournal| Nigeria’s external trade balance weakened in the fourth quarter of 2025 as rising import bills and declining crude oil exports narrowed the country’s trade surplus.
The development reflects persistent pressure on Nigeria’s export earnings, largely driven by lower crude shipment volumes despite relatively firm global oil prices during the period.
Data from the National Bureau of Statistics (NBS) released today, shows that while total trade activity remained strong, imports grew faster than exports, reducing the net trade position.
The surge in imports was largely linked to increased demand for petroleum products, machinery, and industrial and agricultural raw materials as economic activities picked up toward the end of the year.
The import value of raw material goods was reported at N2,351.88 billion, representing a 11.50% increase from N2,109.26 billion in Q4 2024, and a 16.59% increase compared to N2,017.14 billion in the preceding quarter (Q3 2025).
Solid mineral imports were valued at N140.99 billion, representing a 26.12% increase from N111.79 billion, and 86.77% increase compared to N75.49 billion recorded in Q3 2025.
In the same period, the value of imported manufactured goods stood at N8,803.27 billion, reflecting a 3.89% increase from N8,473.56 billion, and a 13.31% increase from N7,769.34 billion recorded in Q3 2025.
The value of other oil products imported in Q4 2025 stood at N4,018.31 billion, reflecting a 16.38% decrease from N4,805.23 billion in Q4 2024 and a 11.95% increase from N3,589.35 billion recorded in Q3 2025.
The fall in export volumes limited the gains from other export segments, including agricultural commodities and manufactured goods.
Total exports in Q4 2025 were valued at N18,963,41 billion, reflecting a 5.25% decline compared to N20,014.33 billion in the corresponding quarter of 2024 and a 16.88% decrease when compared to N22,813,57 billion in Q3, 2025.
Overall, the country’s merchandise trade balance for Q4 2025 remained positive at N1,712.48 billion.
The total merchandise trade stood at N36,214.34 billion in Q4, 2025, representing a decrease of 1.07% from N36,604.83 billion recorded in the corresponding period of 2024; and a decrease of 8.94% compared to the value recorded in the preceding quarter (N39,771.47 billion), majorly attributable to a decline in crude oil exports.
In the quarter under review, exports accounted for 52.36% of total trade with a value of N18,963.41 billion, showing 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).
Crude oil exports, traditionally the backbone of Nigeria’s foreign trade, recorded a noticeable decline during the quarter due to production constraints, pipeline disruptions, and operational challenges in some upstream facilities.
However, crude oil remained Nigeria’s major exported commodity in the fourth quarter of 2025 with a value of N9,702.87 billion, representing 51.17% of total exports.
A further breakdown reveals that the value of non-crude oil exports stood at N9,260.54 billion, accounting for 48.83% of total exports; of which non-oil products contributed N3,145.54 billion or 16.59% of total exports.
Analysts say the widening gap between imports and exports highlights Nigeria’s continued vulnerability to fluctuations in crude oil production and global commodity markets.
The trend underscores the urgency of accelerating export diversification and strengthening non-oil sectors to stabilize the country’s external trade position in the coming quarters.
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