Total Trade Volume in Q1 2025 stood at ₦36.02 trillion, with exports totalling ₦20.6 trillion and imports at ₦15.4 trillion, resulting in a surplus of ₦5.17 trillion.
Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.
The value of agricultural goods exported in Q1 2025 rose to ₦1.70 trillion, up 64.65% year-on-year and 10.63% quarter-on-quarter, highlighting continued growth in the sector.
Standard and superior cocoa beans led the chart, contributing a combined ₦1.23 trillion, with major buyers being The Netherlands (₦344.17B) and Belgium (₦203.17B).
Cashew nuts in shell earned ₦157.63B, mostly exported to India (₦87.56B) and Vietnam (₦69.74B), while sesamum seeds brought in ₦128.18B.
Soya bean flours and ornamental flowers fetched ₦27B and ₦18B respectively, showing Nigeria's export mix is broadening.
Nigeria's export value increased by 16.8% quarter-on-quarter to ₦20.49 trillion in Q3 2024. Petroleum products (oils, liquefied natural gas, and other petroleum gases) made up 85.52% of its exports, valued at ₦17.53 trillion.
This figure highlights Nigeria's heavy reliance on the oil and gas sector for revenue, emphasising the need for diversification to reduce dependence on a single industry.
Nigeria's export value rose by 16.8% quarter-on-quarter and 98% year-on-year, reaching ₦20.49 trillion in Q3 2024. Spain emerged as the top trading partner, with exports valued at ₦2.27 trillion (11%), while Italy rounded out the top five with ₦1.38 trillion (6.72%).
In 2023, Morocco led Africa’s phone export market with $192.2 million, making up 0.07% of the global total, followed by South Africa at $85.9 million, with a global share of 0.03%.
Though Tunisia, Mauritius, and Kenya contributed smaller shares, Tunisia’s remarkable 5,456% growth stands out, positioning it for greater involvement in the global market.
However, Mauritius and Kenya faced declines of -38% and -52%.
In 2023, the global mobile phone export market totalled $271.42 billion, with China dominating by accounting for $137 billion (50.5%) of total exports.
Vietnam, Hong Kong, and India complete the top four, accounting for 11.8%, 9.7%, and 5.3% of the total, respectively.
Six Asian countries and regions make up four-fifths of global mobile phone export value in 2023, showcasing the region's dominance in the industry.
