Nigeria’s foreign trade hit ₦38 trillion in Q2 2025, driven by strong export growth

Key Takeaways

Total trade in Q2 2025 was valued at ₦38.04tn.
Imports accounted for ₦15.29tn, led by manufactured goods and petroleum products.
Exports reached ₦22.75tn, boosted mainly by crude oil.
The trade gap favoured Nigeria with a surplus of ₦7.46tn.

In Q2 2025, Nigeria’s trade performance remained strong, with total trade climbing to ₦38.04tn. Exports outpaced imports, reaching ₦22.75tn against ₦15.29tn in imports. The result was a ₦7.46tn trade surplus, reflecting Nigeria’s heavy reliance on crude oil exports, which made up more than half of total export earnings. While manufactured goods drove import demand, Nigeria’s positive trade balance underscores the country’s continued dependence on oil to sustain foreign exchange inflows.

Source:

National Bureau of Statistics

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Period:

Q2 2025

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Nigeria's non-oil exports grew faster than oil exports in 2024 and 2025, though oil remained dominant

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China’s exports to Nigeria increased by 40% in 2025

China’s exports to Nigeria increased by 40.4%,
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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.

Despite allocating more funds than in 2020, Nigeria's defence budget share falls back to 9% in 2026, matching the 2020 low

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Boko Haram, banditry, and separatist tensions peaked in 2020, resulting in a cut that saw defence's share fall to just 9.2%, the lowest on record at that point.
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