By Progress Godfrey
ABUJA — Nigeria recorded a total merchandise trade value of ₦36.21 trillion in the fourth quarter of 2025, with a trade surplus of ₦1.71 trillion as exports exceeded imports despite a decline in crude oil shipments.
Data released by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics for Q4 2025 showed that Nigeria maintained a trade surplus throughout all quarters of 2025. However, the margin narrowed in the final quarter, largely due to reduced earnings from crude oil exports.
According to the report, total exports during the period stood at ₦18.96 trillion, while imports were valued at ₦17.25 trillion, resulting in a trade surplus of ₦1.71 trillion.
Imports rose to ₦17.25 trillion in Q4 2025, representing a 3.98 per cent increase compared with ₦16.59 trillion recorded in the same period of 2024, and a 1.73 per cent rise from ₦16.96 trillion in the previous quarter.
China remained Nigeria’s largest import partner during the quarter, followed by the United States, the Netherlands, India and Brazil. Major imported commodities included motor spirit (petrol), durum wheat, crude petroleum oils, cane sugar for refining, and used diesel or semi-diesel engine vehicles.
The value of agricultural imports stood at ₦1.44 trillion, representing a 31.74 per cent increase year-on-year and a 30.24 per cent rise compared with the third quarter of 2025. Imports of raw materials rose to ₦2.35 trillion, up 11.50 per cent from the same period in 2024 and 16.59 per cent higher than the previous quarter.
On the export side, total exports declined to ₦18.96 trillion in Q4 2025, representing a 5.25 per cent decrease from ₦20.01 trillion recorded in Q4 2024 and a 16.88 per cent drop compared with ₦22.81 trillion in Q3 2025.
Nigeria’s top export destinations during the quarter were the Netherlands, India, Spain, France and Canada. Key export commodities included crude oil, natural gas, jet fuel, petroleum gases and urea.
Agricultural exports were valued at ₦1.32 trillion, reflecting a 14.11 per cent decline year-on-year but a 68.20 per cent increase compared with the previous quarter.
Raw material exports rose significantly to ₦1.19 trillion, representing a 77.69 per cent increase from the level recorded in Q4 2024.
Solid mineral exports increased to ₦116.84 billion, representing a 92.48 per cent rise year-on-year and a 15.90 per cent increase from the previous quarter.
However, manufactured goods exports declined to ₦423.43 billion, down 14.32 per cent compared with Q4 2024 and 56.73 per cent lower than the level recorded in Q3 2025.
Crude oil exports stood at ₦9.70 trillion, declining by 29.60 per cent year-on-year and 24.24 per cent quarter-on-quarter, while exports of other petroleum products rose to ₦6.12 trillion, representing an 80.45 per cent increase compared with the corresponding quarter of 2024.
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