The National Bureau of Statistics (NBS) reports that Nigeria had a trade surplus of N7.46 trillion in the second quarter (Q2) of 2025.
A trade surplus is an economic indicator indicating a favourable trade balance in which a nation’s exports exceed its imports.
According to the NBS’s international trade report for the second quarter of 2025, Nigeria’s exports reached N22.75 trillion, while imports were N15.28 trillion.
According to the bureau, total commerce during the period under consideration was N38.03 trillion.
“This (total trade) represents an increase of 20.05 percent over the value; N31,683.75 billion recorded in the corresponding period of 2024 and an increase of 5.59 percent compared to the value recorded in the preceding quarter (N36,024.66 billion),” NBS said.
“In the quarter under review, exports accounted for 59.81% of total trade with a value of N22,750.74 billion, showing an increase of 28.43% over the value recorded in the corresponding quarter of 2024 (N17,714.41 billion) and by 10.45% compared to the value recorded in Q1, 2025 (N20,598.48 billion).”
According to the bureau, crude oil accounted for 52.60 percent of Nigeria’s total exports in Q2 2025, valued at N11.96 trillion.
On the other hand, the study stated that the value of non-crude oil exports was N10.78 trillion, accounting for 47.40 percent of overall exports.
Non-oil products also contributed N3.04 trillion, or 13.39 percent, to total exports.
“Using the Standard International Trade Classification, the top-ranked group imports were “mineral fuels” with N4,426.16 billion representing 28.95% of total imports, this was followed by “machinery and transport equipment” with N4,338.91 billion or 28.38% of total imports and Chemicals & related products” with N2,461.32 billion (16.10% of total imports),” NBS added.
The NBS said Spain was Nigeria’s top export destination in Q2, followed by India, France, the Netherlands and Canada.
“During the quarter under review, the main export destination was Spain with a value of N2,467.33 billion or 10.85 percent of total exports, followed by exports to India with N1,982.25 billion or 8.71% of total exports,” the bureau said.
“France with ₦1,622.53 billion or 7.13% of total export, The Netherlands with ₦1,536.68 billion or 6.75% of total exports, and exports to Canada with goods valued at ₦1,426.79 billion representing 6.27% of total exports.
“These five countries collectively accounted for 39.72% of the value of total exports in Q2, 2025.”
Further analysis by NBS showed that China was a top partner in terms of imports.
China’s trades were valued at N4.96 trillion, representing 32.45 percent of total imports.
“This was followed by imports from the United States with N2,158.24 billion representing 14.12% of total imports, India with imports valued at N901.48 billion or 5.90% of total imports,” it said.
NBS also reported that the Netherlands imported products worth N606.82 billion (3.97 percent of total imports), while items from the United Arab Emirates were valued at N536.09 billion (3.51 percent of total imports).
