…Despite 1.07% Drop In Total Trade Value Q-on-Q
Nigeria’s merchandise trade surplus in Q4 2025 stood at N1,712.48 billion, even when the country’s crude oil exports declined, indicating that efforts by the government to further diverse the economy are yielding desirable results.
The National Bureau of Statistics (NBS), in its just published ‘Q4 2025 Foreign Trade Statistics’ report released on Monday, indicated that in Q4 2025 the total merchandise trade value stood at N36.21trillion, representing a decrease of 1.07% from N36.60 trillion recorded in the corresponding period of 2024; and a quarter-on-quarter (Q-on-Q) decrease of 8.94% from the N39.77trillion in the preceding quarter.
The statistics agency attributed the (Q-on-Q) decline in the merchandize in real terms to the decline in the exported crude oil exports in the quarter under review.
- Advertisement -
An analysis of the merchandize trade data reflected that in the quarter under review, exports accounted for 52.36% of total trade with a value of N18.96 trillion, indicating 5.25% dip when compared with the N20.0 trillion value recorded in the corresponding quarter of 2024; and a decrease of 16.88% from the N22.81 trillion value recorded in Q3, 2025
The data showed that crude oil remained Nigeria’s major exported commodity in Q4 2025 with a value of N9.70 trillion, accounting for 51.17% of total exports while the value of non-crude oil exports stood at N9.26trillion, representing 48.83% of total exports; of which non-oil products contributed N3.14trillion or 16.59% of total exports.
On the other hand, imports accounted for 47.64% of total merchandize trade in the quarter under review, with a value of N17.25 trillion, representing 3.98% increase compared to N16.59 trillion recorded in Q4 2024; and 1.73% increase from N16.95 trillion imports in Q3 2025.
On the country of source of the imports, the Bureau reported that China continued still dominated in Q4 2025, followed by the United States of America, The Netherlands, India and Brazil.
It further clarified that the most traded commodities imported during the quarter were Motor spirit ordinary, Durum wheat, Petroleum oils and oils obtained from bituminous minerals crude, Cane sugar meant for sugar refinery, and Used Vehicles, with diesel or semi-diesel engine.
The merchandize trade data further showed that the value of agricultural goods imported in Q4 2025 stood at N1.43 trillion, representing a 31.74% increase compared to N1.09 trillion imported in the corresponding quarter of 2024, and a 30.24% increase relative to N1.10 trillion imported in Q3 2025.
In the same period, the import value of raw material goods stood at N2.35trillion, representing a 11.50% increase from N2.10 trillion in Q4 2024, and 16.59% increase compared to N2.01trillion in the preceding quarter.
In the quarter under review, the statistics agency reported that solid mineral imports were valued at N140.99 trillion, reflecting 26.12% increase from N111.79 trillion in Q4 2024, and 86.77% increase compared to N75.49 trillion recorded in Q3 2025.
Also, the merchandize trade report data showed that the value of imported manufactured goods stood at N8.80 trillion, indicating 3.89% increase from N8.473 trillion over the value in the corresponding quarter of 2024, and 13.31% increase from N7.76 trillion recorded in Q3 2025.
The value of other oil products imported in Q4 2025 stood at N4.01trillion, or 16.38% decrease from N4.8 trillion in Q4 2024, and 11.95% increase from N3.58 trillion recorded in Q3, 2025.
In terms of countries of exports destinations, the NBS reported that The Netherlands, India, Spain, France and Canada were Nigeria’s top five trading export partners In Q4, 2025, and that the most exported commodities were crude oil, natural gas, Kerosine type jet fuel, other petroleum gases in a gaseous state, and Urea, whether or not in aqueous solution.
The report further indicated that exports of agricultural goods in the quarter under review amounted to N1.32 trillion representing 14.11% drop from the N1.54trillion exported in the corresponding quarter of 2024, but 68.20% increase from N786.62 billion in Q3, 2025.
This is even as the Bureau revealed that the value of raw material exported out of the country in Q4, 2024 stood at N1.19 trillion, rising by 77.69% from N671.12 billion recorded in Q4 2024, and 14.70% increase from N1.039 trillion in Q3, 2025.
A further analysis of the exports value indicated that solid mineral exports in Q4, 2025 stood at N116.84 billion; representing 92.48% increase from N60.70 billion exported in Q4, 2024, and 15.90% increase from N100.81 billion recorded the preceding quarter of 2025.
Also, the statistics agency further clarified that the value of manufactured goods exports in Q4 2025 stood at N423.43 billion, reflecting 14.32% decrease from N494.22 billion exported in the corresponding quarter of 2024, and also dipped by 56.73% from N978.53 billion in Q3, 2025.
It revealed that crude oil exports in Q4 2025 were valued at N9,702.87 billion; remarkably lower by 29.60% from N13.783.00 billion in Q4 2024, and 24.24% drop from N12,806.78 billion in Q3, 2025.
The merchandize trade data showed that Other oil product exports in Q4 2025 stood at N6,115.00 billion, reflecting 80.45% increase over the N3.388.80 billion in Q4 2024, but decreased by 12.77% from N7,010.17 billion earned in Q3, 2025.
