Foreign trade hits 5-year high: ₦64.18 trillion total value in H1 2024 with ₦9.25 trillion surplus

After three consecutive halves of negative trade surplus between H2 2020 and H1 2021, Nigeria achieved a remarkable rebound in H1 2024, with the trade surplus peaking at ₦9.25 trillion and the total trade value soaring to a record ₦64.18 trillion.

Source:

National Bureau of Statistics

Period:

2020-2024
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Nigeria's non-oil exports grew faster than oil exports in 2024 and 2025, though oil remained dominant
  • In 2025, non-oil export growth (36%) was 6x higher than oil (6%).
  • In 2024, non-oil exports grew by 189% vs oil’s 108%.
  • Total exports still heavily depend on oil.
  • Export value rose from ₦36 trillion in 2023 to ₦85.1 trillion in 2025.
Nigeria imported 10x more from Asia than from Africa in 2025
  • Asia is Nigeria’s top import source in 2025.
  • The highest import value from Asia was recorded in Q1 at ₦8.7 trillion.
  • Imports from Europe surged to ₦8.6 trillion in Q2 but declined to ₦6.6 trillion by Q4.
  • Imports from America showed continuous growth, rising from ₦2.9 trillion in Q1 to ₦6.6 trillion in Q4.
  • Imports from Africa remained below ₦1 trillion across most quarters.
China’s exports to Nigeria increased by 40% in 2025
  • China’s exports to Nigeria increased by 40.4%,
  • China's exports moved from ₦ 14.1 trillion in 2024 to ₦ 19.8 trillion in 2025.
  • Growth was consistent across all four quarters.
  • Quarter 2 saw the highest growth at 80%, jumping from ₦3.0tn to ₦5.4tn.
  • Quarter 4 recorded a modest 4.3% rise.
Nigeria’s export mix stayed oil-heavy in 2025, with crude oil above 75% in all quarters
  • Crude oil dominated Nigeria’s exports in all quarters of 2025
  • Q1 recorded the highest oil dependency at 81.5%.
  • Non-oil exports peaked in Q2 at 24.2%, representing the strongest diversification point in 2025.
  • The oil share dropped to its lowest in Q2 (75.8%), but still remained dominant.
In 2025, Nigeria imported crude oil for the first time in the past decade, accounting for 11% of its total crude oil trade
Key takeaways:
  • Nigeria recorded its first crude oil imports in a decade in 2025, marking a structural shift in trade dynamics.
  • Imports accounted for 11% of total crude oil trade in 2025.
  • Total crude oil trade grew sharply from ₦7 trillion in 2016 to ₦53.2 trillion in 2025, indicating long-term expansion.
  • Exports remain dominant, contributing ₦47.4 trillion in 2025 despite the emergence of imports.
  • 2024 was the peak year for crude oil trade at ₦55.3 trillion, followed by a slight decline in 2025.
  • The 2020 dip of ₦9.4 trillion highlights vulnerability to global shocks, likely tied to oil price and demand disruptions.
Nigeria exported ₦47tn in crude, yet spent ₦45tn importing finished goods and refined petroleum
  • Crude oil alone accounts for 55.7% of all exports. Remove it and Nigeria runs a ₦26.7tn trade deficit. The entire surplus rests on one commodity.
  • Nigeria imports ₦31.97tn in manufactured goods but exports only ₦2.50tn, a 12-to-1 ratio that reflects near-total dependence on foreign industrial output.
  • Nigeria exports ₦25.3tn in petroleum products yet imports ₦13.3tn of refined petroleum. Africa's top oil producer still can't fully process its own crude.
  • Despite Nigeria's vast farmland, agri-exports (₦5.07tn) barely exceed agri-imports (₦4.76tn). The sector earns almost nothing net.
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