Nigeria recorded N7.4trn trade surplus in Q2 2025, says NBS

The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria recorded a trade surplus of N7.46 trillion in the second quarter (Q2) of 2025.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.

The NBS, in its foreign trade report for Q2 of 2025, said Nigeria’s exports totalled N22.75 trillion while imports stood at N15.28 trillion.

The bureau said total trade was N38.03 trillion in the period reviewed.

“This (total trade) represents an increase of 20.05 percent over the value; N31,683.75 billion recorded in the corresponding period of 2024 and an increase of 5.59 percent compared to the value recorded in the preceding quarter (N36,024.66 billion),” NBS said.

“In the quarter under review, exports accounted for 59.81% of total trade with a value of N22,750.74 billion, showing an increase of 28.43% over the value recorded in the corresponding quarter of 2024 (N17,714.41 billion) and by 10.45% compared to the value recorded in Q1, 2025 (N20,598.48 billion).”

Further analysis by the bureau shows that crude oil remained Nigeria’s major exported commodity in Q2 of 2025 with a value of N11.96 trillion, representing 52.60 percent  of total exports.

On the other hand, the report said the value of non-crude oil exports stood at N10.78 trillion, accounting for 47.40 percent of total exports.

Also, non-oil products contributed N3.04 trillion or 13.39 percent of total exports.

“Using the Standard International Trade Classification, the top-ranked group imports were “mineral fuels” with N4,426.16 billion representing 28.95% of total imports, this was followed by “machinery and transport equipment” with N4,338.91 billion or 28.38% of total imports and Chemicals & related products” with N2,461.32 billion (16.10% of total imports),” NBS added.

The NBS said Spain was Nigeria’s top export destination in Q2, followed by India, France, the Netherlands and Canada.

“During the quarter under review, the main export destination was Spain with a value of N2,467.33 billion or 10.85 percent of total exports, followed by exports to India with N1,982.25 billion or 8.71% of total exports,” the bureau said.

“France with N1,622.53 billion or 7.13per cent of total export, The Netherlands with N1,536.68 billion or 6.75per cent of total exports, and exports to Canada with goods valued at N1,426.79 billion representing 6.27% of total exports.

“These five countries collectively accounted for 39.72% of the value of total exports in Q2, 2025.”

Further analysis by NBS showed that China was a top partner in terms of imports.

China’s trades were valued at N4.96 trillion, representing 32.45 per cent of total imports.

“This was followed by imports from the United States with N2,158.24 billion representing 14.12per cent of total imports, India with imports valued at N901.48 billion or 5.90per cent of total imports,” it said.

NBS also said the Netherlands imported goods worth N606.82 billion (3.97 per  cent of total imports), while goods from the United Arab Emirates were valued at N536.09 billion (3.51 percent of total imports).