Nigeria’s foreign trade

Crude oil led Nigeria’s export trade, while manufactured goods dominated imports trade in Q1 2025

  • 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.

Nigeria’s foreign trade reached a total of ₦36.02 trillion in Q1 2025, with exports surpassing imports and delivering a trade surplus of ₦5.17 trillion. The economy remains heavily oil-dependent, as crude oil alone accounted for the lion’s share of export earnings. Alongside crude oil, other petroleum oil products, such as lubricants, kerosene, and diesel, contributed significantly to the export value, reinforcing Nigeria's role in global energy supply chains.

Interestingly, these petroleum derivatives also featured prominently in the country’s import profile, possibly pointing to inadequate domestic refining capabilities. The import side was heavily skewed toward manufactured goods, a recurring pattern that highlights Nigeria’s limited local production capacity and high dependence on foreign industrial goods.

This mismatch, exporting raw materials and importing refined products, signals a longstanding economic imbalance. Until the country boosts its industrial and refining capabilities, this structure is likely to persist.

Source:

NBS

Period:

Q1 2025
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