Nigeria’s Trade Surplus Jumps 44% in Q2 2025 as Non-Oil Exports and Manufactured Goods Surge

Nigeria’s trade surplus soared by 44.3% in the second quarter of 2025, reaching N7.46 trillion, up from N5.17 trillion in Q1, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS). Analysts attribute the surge to strong export performance that outpaced import growth, giving the country a healthier external trade position amid global economic uncertainties.

Total exports in Q2 rose to N22.75 trillion, a 10.5% increase from the previous quarter and 28.4% higher than the same period in 2024. While crude oil exports declined by 5.1% year-on-year, other petroleum products nearly doubled to N7.74 trillion, supported by gains from gas exports and refined petroleum products. Non-oil exports also climbed to N3.05 trillion, accounting for 13.4% of total exports, signaling a gradual but notable diversification of Nigeria’s trade base.

Manufactured goods were a standout performer, with exports hitting N803.8 billion — a 173% jump from Q1 and a 67% rise compared to Q2 2024. Key items included vessels, floating platforms, and aluminum alloys, largely shipped to European and Asian markets. Solid minerals such as cement clinkers and other mineral substances also contributed, with exports rising 31% from the previous quarter, emphasizing Nigeria’s slow pivot toward non-oil revenue streams.

On the import side, Asia dominated, supplying N7.65 trillion worth of goods, with China remaining Nigeria’s largest import partner at N4.96 trillion, more than double the United States. Machinery, refined petroleum products, wheat, and pharmaceuticals accounted for the bulk of imports, underscoring Nigeria’s continued reliance on foreign industrial and agricultural inputs despite rising domestic production.

Maritime transport handled nearly all trade flows, with Apapa Port leading operations at N17.93 trillion in exports and N6.96 trillion in imports. Lekki Deep Sea Port also expanded its role, handling over 10% of exports and 16% of imports. Economists say the widening trade surplus provides a cushion to bolster foreign reserves and stabilize the naira, but caution that high dependence on oil exports and persistent import bills highlight the ongoing need for economic diversification and industrialization.

source: nairametrics