Nigeria’s trade surplus narrows as imports rise, exports rebound

Cover Illustration: BusinessDay

Nigeria’s external trade gained pace in the third quarter of 2025 as a steady rise in imports met a firmer rebound in exports, leaving the country with another positive trade balance even as the surplus narrowed.

New data from the National Bureau of Statistics show that total merchandise trade climbed to N38.94 trillion, a slight uplift from both last year and the previous quarter, helped largely by stronger crude shipments and a jump in non-oil raw material exports.

Exports maintained their hold on the trade basket, accounting for nearly three-fifths of total trade at N22.81 trillion.

Crude oil remained the centre of gravity, contributing more than half of all outward shipments, while non-oil exports, recorded at N2.99 trillion, continued to provide a slimmer but increasingly important buffer.

India stayed Nigeria’s largest destination for goods, followed closely by Spain, France, the Netherlands and Italy, together absorbing more than a third of all exports.

Agricultural exports however slipped. Cocoa beans, both standard and superior grades, alongside natural cocoa butter, cashew nuts and sesame seeds remained the top performers, yet overall agricultural shipments fell by more than a third from the previous quarter.

Manufactured exports fared slightly better, lifted by a surge in sales of light-vessels and assorted maritime equipment, most of which went to West Africa and Greece.

Imports also picked up, rising to N16.12 trillion. China retained its long-held position as Nigeria’s dominant supplier, with the United States and India following behind. The country bought more raw materials and agricultural goods compared to last year, even as purchases of other petroleum products fell steeply.

Wheat imports from the United States and Russia, mackerel from Chile and the Faroes, and palm oil from Malaysia made up much of the agricultural inflow, reflecting persistent food-related pressures at home.

Trade within Africa was steady. Nigeria sold goods worth N4.90 trillion to the continent, a volume nearly eight times larger than what it imported.

Ivory Coast, Ghana, South Africa, Togo and Senegal formed the core of this market, absorbing crude, petrol, gasoil and jet fuel, as well as a rising mix of maritime equipment. ECOWAS alone took in N3.14 trillion.

Maritime routes continued to dominate the country’s trade logistics. Nearly all exports, at about N22.46 trillion, left by sea, while Apapa and Lekki remained the busiest gateways. The two ports jointly handled more than nine in ten export transactions and over half of all imports, cementing their place at the heart of Nigeria’s external commerce.

Read also: Global trade growth to slow in 2026, says UN

Bethel Olujobi reports on trade and maritime business for BusinessDay with prior experience reporting on migration, labour, and tech. He holds a Bachelor's degree in Mass Communication from the University of Jos, and is certified by the FT, Reuters and Google. Drawing from his experience working with other respected news providers, he presents a nuanced and informed perspective on the complexities of critical matters. He is based in Lagos, Nigeria and occasionally commutes to Abuja.

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