Nigeria’s Trade Surplus Hits N6.69tn in Q3 2025 as Exports Outpace Imports
Nigeria posted a trade surplus of N6.69 trillion in the third quarter of 2025, reflecting a 27.29% year-on-year growth and continuing a positive trend in foreign trade. According to the National Bureau of Statistics (NBS), total exports reached N22.81tn, while imports were N16.12tn, underscoring the country’s strengthening export performance. Although the surplus dipped slightly from the N7.46tn recorded in Q2 2025, experts say it signals growing resilience in Nigeria’s economy.
Economists and private-sector stakeholders attribute the consistent trade surplus to reforms in the foreign exchange (FX) market, trade liberalization, and currency adjustments. Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE), highlighted that the reforms made Nigerian exports more attractive and competitive. He explained that currency depreciation discouraged imports, making local products with high domestic content increasingly preferred by consumers.
Yusuf noted that FX reforms are encouraging backward integration, with companies now sourcing more materials locally due to cost advantages. While short-term challenges like insecurity, logistics issues, and new local value-addition policies for shea exports have affected some sectors, Yusuf emphasized that Nigeria’s trade balance and balance of payments have improved as a result of the reforms, signaling a sustainable shift toward export-led growth.
Gabriel Idahosa, former President of the Lagos Chamber of Commerce and Industry, pointed out that non-oil exports are set to grow steadily thanks to increased investment in processing and value addition. He noted that crude oil exports were expected to decline due to domestic refining initiatives, reinforcing the importance of boosting non-oil export performance. Idahosa emphasized that an export-led economy is essential for strengthening Nigeria’s currency and long-term economic stability.
NBS data showed that crude oil exports dominated at N12.81tn, with raw materials and manufactured goods following. Agricultural exports, however, fell 11.69% year-on-year to N786.62bn, while raw material exports surged 136.38% to N1.04tn. Nigeria’s top export destinations included India, Spain, France, the Netherlands, and Italy, reflecting a shift in trade structure aligned with government policy. Stakeholders stressed that consistent policy implementation is key to sustaining these gains and further boosting the country’s trade surplus.
source: punch