Nigeria’s external trade performance strengthened in the first nine months of 2025, with exports continuing to exceed imports and pushing the country’s trade balance sharply higher, according to the latest data from the National Bureau of Statistics (NBS).
An analysis of the NBS Foreign Trade in Goods Statistics report by Financial Vanguard shows that Nigeria’s trade balance rose by 43.8 per cent year-on-year to N19.32 trillion in the first nine months of 2025 (9M’25), up from N13.43 trillion recorded in the corresponding period of 2024. The improvement reflects stronger export earnings, supported largely by crude oil sales, alongside a more moderate growth in imports.
During the period under review, total exports stood at N66.16 trillion, representing a 15.3 per cent increase from N57.34 trillion in 9M’24. Imports, on the other hand, grew at a slower pace of 6.45 per cent year-on-year to N46.84 trillion, compared with N44 trillion recorded in the same period last year.
The combined effect of higher exports and rising imports pushed Nigeria’s total merchandise trade to N122.99 trillion in 9M’25, a 21 per cent increase from N101.3 trillion recorded in the first nine months of 2024.
Quarterly trends, however, show some moderation in the pace of growth. Trade balance data indicate that the surplus expanded by 44.2 per cent to N7.46 trillion in the second quarter of 2025 (Q2’25), from N5.17 trillion in the first quarter. This momentum slowed in the third quarter, as the trade balance declined by 10.36 per cent quarter-on-quarter to N6.69 trillion in Q3’25.
According to the NBS, Nigeria’s merchandise trade balance remained positive in the third quarter, underscoring the country’s continued ability to earn more from exports than it spends on imports, despite the quarter-on-quarter dip.
Total merchandise trade in Q3’25 stood at N38.94 trillion, representing an 8.71 per cent increase over the N35.82 trillion recorded in the corresponding quarter of 2024. It also reflected a 2.36 per cent rise compared to the preceding quarter, when trade stood at N38.04 trillion.
Exports accounted for the larger share of trade activity in the quarter, contributing 58.59 per cent of total trade with a value of N22.8 trillion. This marked an 11.08 per cent increase compared to N20.54 trillion recorded in Q3’24, and a marginal 0.28 per cent rise over the N22.75 trillion recorded in Q2’25.
Crude oil remained Nigeria’s dominant export commodity in the third quarter of 2025, with exports valued at N12.81 trillion, accounting for 56.14 per cent of total exports. Non-crude oil exports stood at N10.01 trillion, representing 43.86 per cent of total exports. Within this category, non-oil products contributed N2.99 trillion, or 13.14 per cent of total exports.
On the import side, the NBS reported that imports accounted for 41.41 per cent of total trade in Q3’25, with a value of N16.12 trillion. This represented a 5.51 per cent increase compared to N15.28 trillion recorded in the corresponding quarter of 2024, and a 5.47 per cent rise from N15.29 trillion in Q2’25.
Overall, the data point to a sustained improvement in Nigeria’s trade position, driven by robust export earnings and a relatively slower growth in imports. While the quarterly figures suggest some volatility, the strong year-on-year performance highlights the continued importance of export revenues—particularly crude oil—in supporting the country’s external trade balance.