Nigeria’s trade balance recorded a great improvement in the first nine months of 2025, rising by 43.8 per cent year-on-year to ₦19.32 trillion, driven largely by higher export earnings. This compares with ₦13.43 trillion recorded in the corresponding period of 2024, reflecting improved trade performance despite global economic pressures.
An analysis of data from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report showed that exports continued to outweigh imports during the period under review. Total exports climbed to ₦66.16 trillion in the nine-month period, representing a 15.3 per cent increase from ₦57.34 trillion recorded a year earlier.
Imports also rose, though at a slower pace. Total imports increased by 6.45 per cent year-on-year to ₦46.84 trillion from ₦44 trillion, helping to sustain a positive trade balance. As a result, Nigeria’s total merchandise trade reached ₦122.99 trillion in the first nine months of 2025, up 21 per cent from ₦101.3 trillion recorded in the same period of 2024.
Quarterly figures showed mixed performance. The trade balance expanded by 44.2 per cent to ₦7.46 trillion in the second quarter of 2025, up from ₦5.17 trillion in the first quarter. However, the surplus eased by 10.36 per cent quarter-on-quarter to ₦6.69 trillion in the third quarter, although it remained firmly positive.
The NBS reported that total merchandise trade stood at ₦38.94 trillion in Q3 2025, with exports accounting for 58.59 per cent of the total. Crude oil remained Nigeria’s largest export, valued at ₦12.81 trillion or 56.14 per cent of total exports, while non-crude exports contributed ₦10.01 trillion. Imports, valued at ₦16.12 trillion, accounted for 41.41 per cent of total trade, reflecting continued demand for foreign goods amid domestic production constraints.
source: vanguard