…As Exports Rise By 7.42%
Nigeria’s merchandise trade increased to N36,024.66 billion in Q1 2025, representing an increase of 6.19 percent compared to the value of N33,925.72 billion recorded in the corresponding period of Q1 2024, the National Bureau of Statistics (NBS) has reported.
The Bureau, in its ‘Foreign Trade In Goods Statistics (Q1 2025)’ report released on Wednesday, disclosed that when compared on a quarter-on-quarter basis, the Q1 2025 merchandize trade value decreased by 1.58% compared to the value recorded in Q4, 2024, totalling N36,604.83 billion.
According to the statistics agency, in the quarter under review, exports accounted for 57.18% of the total trade, with a value of N20,598.48 billion, showing an increase of 7.42% over the N19,176.19 billion recorded in the corresponding quarter of 2024 and a 2.92% increase over the N20,014.33 billion value recorded in Q4 2024.
The Bureau clarified that Nigeria’s exports was dominated by crude oil in the first quarter of 2025, valued at N12,955.03 billion and representing 62.89% of total exports, while the value of non-crude oil exports stood at N7,643.45 billion, accounting for 37.11% of total exports, of which non-oil products contributed N3,167.88 billion or 15.38% of total exports.
The data from the merchandize trade report in the quarter under review indicated that total exports were valued at N20,598.48 billion, reflecting a 7.42% rise compared to N19,176.19 billion in the corresponding quarter of 2024 and a marginal increase of 2.92% compared to N20,014.33 billion in the preceding quarter.
The NBS reported: “In Q1 2025, the top five trading export partners were India, The Netherlands, United States, France, and Spain. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, urea, whether or not in aqueous solution, and standard quality cocoa beans.
“Exports of agricultural goods in the period under review amounted to N1,704.15 billion, representing a 64.65 percent rise from N1,035.02 billion in Q1 2024 and a 10.63 percent increase from N1,540.46 billion in Q4 2024.
“The value of raw material exports in Q1 2025 stood at N1,044.59 billion, representing a rise of 196.12 percent from N352.75 billion in Q1 2024 and 55.65 percent from N671.12 billion in Q4 2024.
“Solid mineral exports in Q1 2025 were valued at N58.87 billion; this shows a 7.17 percent decrease from N63.41 billion in Q1 2024 and also a decrease of 3.03 percent from N60.70 billion in Q4 2024”, it added.
Similarly, the statistics agency reported that the value of manufactured goods exports in Q1 2025 was N294.43 billion, reflecting a 9.58% increase from N268.70 billion in Q1 2024 but a decrease of 40.43 percent from N494.22 billion value of exported manufactured goods in Q4 2024.
It noted that whereas crude oil exports in Q1 2025 were valued at N12,955.03 billion, the value decreased by 16.35% from N15,486.63 billion recorded in the corresponding quarter of 2024 and by 6.01% from N13,783.00 billion in the last quarter of 2024.
On the nation’s imports, the Bureau reported that the total imports value increased to N15,426.17 billion in the first quarter of 2025, representing a rise of 4.59% when compared to with the N14,749.52 billion value of imports in Q1 2024, and a decrease of 7.02% compared to the N16,590.51 billion value of imports in Q4 2024.
Analysis of the trade trend on country-by-country basis indicated that China remained Nigeria’s highest trading partner on the import side in Q1 2025, followed by India, the United States of America, the Netherlands, and the United Arab Emirates.
The NBS listed most traded commodities imported during the quarter as gas oil, motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals (crude), cane sugar meant for sugar refinery, and durum wheat (not in seeds).
The Bureau further clarified: “The value of agricultural goods imported in Q1 2025 stood at N1,035.81 billion, representing a 12.52 per cent increase compared to N920.54 billion recorded in Q1 2024, and a 5.02 per cent decline relative to N1,090.55 billion in Q4 2024.
“In the same period, the import value of raw material goods was N1,811.10 billion, representing a 23.42 percent increase from N1,467.41 billion in Q1 2024, and a 14.14 percent decline compared to N2,109.26 billion in the preceding quarter (Q4 2024).
“In the first quarter of 2025, solid mineral imports were valued at N91.78 billion, representing a 29.44 percent increase from N70.90 billion in Q1 2024, and a 17.90 percent decrease compared to N111.79 billion recorded in Q4 2024.
“During the quarter, the value of imported manufactured goods stood at N7,512.22 billion, reflecting a 30.90 per cent increase from N5,738.80 billion in Q1 2024, and an 11.35 percent decrease from N8,473.56 billion recorded in Q4 2024.
“The value of other oil products imported in Q1 2025 stood at N3,786.98 billion, reflecting a 42.20 per cent decrease from N6,551.82 billion in Q1 2024 and a 21.19 percent decline from N4,805.23 billion recorded in Q4 2024”, it added.
