Nigeria’s Q3 trade surplus slips to ₦6.69tr as import pressures grow
NBS report shows total trade rose to N38.94tr, boosted by crude exports and sustained non-oil performance.
Nigeria’s trade position strengthened in the third quarter of 2025 with a surplus of ₦6.691 trillion, signalling continued resilience despite a slight dip from the ₦7.46 trillion recorded in the previous quarter. The latest Foreign Trade Report from the National Bureau of Statistics shows that the country is still exporting more than it imports, even as global commodity markets remain volatile and domestic production struggles with high operating costs.
The report revealed that total merchandise trade rose to ₦38.937 trillion, up from ₦38.038 trillion in the second quarter and ₦35.818 trillion in the same period of 2024. Exports maintained dominance at ₦22.814 trillion, accounting for 58.59 percent of total trade. This reflects sustained demand for Nigerian crude and improved non-oil performance, although export growth slowed compared to earlier in the year.
Crude oil remained the largest export item at ₦12.807 trillion, representing 56.14 percent of all exports. Non-crude exports totalled ₦10.007 trillion, with non-oil products contributing ₦2.997 trillion. Imports rose to ₦16.123 trillion, representing 41.41 percent of total trade and reflecting higher demand for refined petroleum products, grains and industrial inputs.
China remained Nigeria’s leading import partner for the period, followed by the United States, India, the United Arab Emirates and Belgium. Top imported commodities included crude petroleum oils, premium motor spirit, gas oil, durum wheat and cane sugar for refining.
The report showed mixed movements across import categories. Agricultural imports rose year-on-year to ₦1.103 trillion but fell compared to the previous quarter. Raw material imports increased to ₦2.017 trillion, reflecting rising demand from local manufacturers. Solid mineral imports declined to ₦75.49 billion year-on-year but rose quarter-on-quarter. Manufactured goods imports reached ₦7.769 trillion, while other oil product imports fell sharply to ₦2.754 trillion.
Asia accounted for the largest share of Nigeria’s imports at ₦8.11 trillion, followed by America at ₦3.919 trillion and Europe at ₦3.438 trillion. Imports from Africa totalled ₦595 billion, with ₦179.26 billion coming from ECOWAS countries.
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On the export side, Europe was the top destination at ₦8.706 trillion, followed by Asia at ₦6.403 trillion. Exports to America amounted to ₦2.580 trillion, while Africa received ₦4.903 trillion worth of goods. Exports to ECOWAS were valued at ₦3.136 trillion, indicating strong regional demand.
The country is benefiting from elevated export revenue, but import costs continue to rise, squeezing margins and exposing structural dependence on foreign refined products and industrial materials. The modest decline in trade surplus suggests that while export strength remains, sustaining this position will require deeper reforms in local production, manufacturing competitiveness and energy supply.
