Nigeria’s Trade Surplus Rises by 44% in Q2 2025 – NBS

Nigeria recorded a significant boost in its trade performance in the second quarter of 2025, with the country’s trade surplus rising by 44.31 percent, according to the National Bureau of Statistics (NBS).

Figures released by the NBS show that Nigeria’s total merchandise trade stood at ₦38,037.52 billion in Q2 2025, reflecting a 20.05 percent increase over the ₦31,683.75 billion recorded in the same period of 2024. The report also indicated a 5.59 percent increase compared to the ₦36,024.66 billion recorded in the previous quarter.

Exports remained the major driver of this growth, accounting for 59.81 per cent of total trade, with a value of ₦22,750.74 billion. This represents a 28.43 per cent increase compared to ₦17,714.41 billion in Q2 2024, and a 10.45 per cent rise over ₦20,598.48 billion in Q1 2025.

The report highlighted that crude oil exports contributed ₦11,965.98 billion, representing 52.60 per cent of total exports. Meanwhile, non-crude oil exports stood at ₦10,784.76 billion (47.40 per cent). Within this category, non-oil products contributed ₦3,045.55 billion, or 13.39 per cent of total exports, underscoring the growing role of diversification in Nigeria’s trade sector.

On the other hand, imports accounted for 40.19 per cent of total trade in Q2 2025, with a value of ₦15,286.78 billion. This figure shows a 9.43 per cent increase compared to ₦13,969.34 billion in Q2 2024, but a slight 0.90 per cent decline from the ₦15,426.17 billion recorded in Q1 2025.

Overall, the merchandise trade balance remained positive at ₦7,463.96 billion, representing a 44.31 per cent increase compared to the previous quarter.

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The NBS report suggests that Nigeria’s trade sector continues to strengthen, buoyed largely by higher crude oil revenues and an uptick in non-oil exports, even as imports maintained a steady growth trend.