…As Crude Oil Accounts For 56.14% Of Total Exports
Nigeria’s total merchandise trade increase to N38.9 trillion in the third quarter of 2025, reflecting positive momentum in the nation’s import-export performance even in the face of global economic uncertainties.
The latest ‘Foreign Trade in Goods Statistics Q3 2025’ report by the National Bureau of Statistics (NBS) released on Thursday indicated that the Q3 merchandize trade value grew by 8.71% year-on-year from the N35.8 trillion recorded in the corresponding quarter of 2024 but 2.36% rise compared to the N38.04 trillion value recorded in Q2, 2025.
In the quarter under review, the trade data showed that exports accounted for 58.59% of total trade with a value of N22.8 trillion, showing an increase of 11.08% over the N20.54 trillion value recorded in the corresponding quarter of 2024, and by 0.28% compared to the N22.75 trillion value recorded in Q2, this year
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According to the statistics agency, crude oil remained Nigeria’s dominant export commodity in Q3 2025, with a value of N12.81 trillion, representing 56.14% of total exports for Q3 2025.
The import-export trade reflected that non-crude oil exports totalled N10.01 trillion, accounting for 43.86% of total exports, and in this category, non-oil products contributed N2.9 trillion, or 13.14% of total exports.
A further analysis of the merchandize trade data in the quarter under review revealed that agricultural produce exports amounted to N786.62 billion, reflecting an 11.69% decline from N890.72 billion in Q3 2024 and a 37.39% drop compared to N1.26 trillion in Q2 2025, while Raw material exports were valued at N1.04 trillion, representing a 136.38% increase from N439.82 billion in Q3 2024 and a 26.83% rise compared to N819.72 billion recorded in the preceding quarter.
Also, Solid mineral exports amounted to N100.81 billion, showing a 29.75% increase from N77.70 billion in Q3 2024 and an additional 30.41% growth from N77.31 billion reported in the preceding quarter.
The data further showed that the value of manufactured goods exports stood at N978.53 billion, reflecting a 6.03% decline from N1.04 trillion in Q3 2024. However, compared to Q2 2025, the Q3 2025 value represented a 21.74% increase over the N803.81 billion recorded in the previous quarter.
The statistics agency reported that Exports of other oil products in Q3 2025 totalled N7.01 trillion, showing 51.72% rise from N4.62 trillion in Q3 2024, but dipping by 9.42% from the N7.74 trillion recorded in Q2 2025.
Overall, the exports data for Q3 2025 reflected a mixed performance across sectors, with strong gains in raw materials and solid minerals contrasting declines in agricultural exports and some oil-related categories.
On the import side, the data showed that Imports accounted for 41.41% of Nigeria’s total trade in the quarter under review, peaking at N16.12 trillion and representing 5.51% increase from the N15.28 trillion recorded in Q3 2024, and 5.47% rise compared to N15.29 trillion in the preceding quarter.
Despite the growth in imports, Nigeria maintained a positive merchandise trade balance in Q3 2025.
Specifically, the NBS reported that the nation’s trade surplus stood at N6.69 trillion, but represented 10.36% decline from the N7.46 trillion recorded in Q2 2025, due to the faster pace of import growth relative to exports.
On the merchandize trade based on the countries traded with, the NBS data showed that on the import side, China remained Nigeria’s leading trading partner in Q3 2025, followed by the United States, India, the United Arab Emirates, and Belgium.
According to the data, the most imported commodities during the quarter included petroleum oils and oils obtained from bituminous minerals (crude), gas oil, premium motor spirit (petrol), durum wheat, and cane sugar intended for sugar refining.
On the export side, Nigeria’s top five trading partners were India, Spain, France, the Netherlands, and Italy. The major commodities exported to the countries during the quarter under review comprised crude oil, natural gas, other petroleum gases in a gaseous state, kerosene-type jet fuel, and urea, whether or not in aqueous solution.
Analysts believe that the trade surplus recorded by Nigeria during the quarter was reflective of the improving performance of the economy as the government continued to consolidate on the modest achievements of the nation’s monetary and fiscal policy reforms.
For instance, they maintained that the higher trade volumes pointed to improved production levels, stronger demand for Nigerian commodities, and greater activity at the ports while the increase in total exports demonstrated the resilience in the country’s main revenue-generating sectors.
