Nigeria maintained its trade surplus streak in Q1 2025, with ₦5.17 trillion

  • Total trade rose from ₦12.7 trillion (Q2 2023) to over ₦36 trillion (Q1 2025).
  • Exports grew from ₦6.4 trillion (Q2 2023) to ₦20.6 trillion (Q1 2025).
  • Sustained trade surpluses started from Q2 2023, peaking at ₦5.2 trillion in Q1 2025.
  • Imports also rose from ₦6.3 trillion (Q2 2023) to ₦15.4 trillion (Q1 2025), but slower than exports.
  • Pre-2023 was deficit-heavy: Most quarters from 2020–2022 recorded trade deficits or very small surpluses.
  • Q1 2021 had the worst deficit: -₦1.89 trillion, driven by high imports and weak exports.
  • Naira devaluation is the turning point: Starting around Q2 2023, it inflated export values in naira terms.
  • Export growth may not reflect volume; gains are likely due to FX effects, not necessarily more goods shipped.

In Q1 2025, Nigeria continued its strong trade momentum with a total nominal trade volume of ₦36 trillion. Exports rose slightly to a new peak of ₦20.6 trillion, while imports declined quarter-on-quarter to ₦15.4 trillion. The result was a solid ₦5.17 trillion surplus, the second-highest on record. This marks the sixth consecutive quarter of surplus since Nigeria flipped to a positive trade balance in mid-2023.

However, with inflation still elevated, the real value of trade may be growing more slowly than these nominal figures suggest.

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