Nigeria’s External Trade Surplus Hits N12.64trn In H1

Nigeria recorded a commercialized surplus of N12.64 trillion successful the archetypal fractional of 2025, driven mostly by beardown crude lipid exports, according to information released by the National Bureau of Statistics (NBS) connected Friday.

The NBS study showed that full exports successful the archetypal 4th of 2025 stood astatine N20.60 trillion, exceeding imports valued astatine N15.43 trillion, resulting successful a affirmative commercialized equilibrium of astir N5.17 trillion for the quarter.

When combined with the 2nd 4th performance, the country’s full surplus for the archetypal six months of the twelvemonth amounted to N12.64 trillion.

Imports Slide Amid Rising Agricultural and Raw Material Demand

On the import side, the full worth stood astatine N15.43 trillion successful Q1 2025, representing a 4.59 per cent emergence compared to N14.75 trillion recorded successful the corresponding 4th of 2024. However, it was 7.02 per cent little than the N16.59 trillion reported successful Q4 2024.

China remained Nigeria’s biggest root of imports, followed by India, the United States, the Netherlands, and the United Arab Emirates. Major imports included state oil, centrifugal tone (petrol), petroleum oils, cane sweetener for refineries, and durum wheat.

Agricultural imports successful the play reached N1.04 trillion, up 12.52 per cent year-on-year but 5.02 per cent little than the erstwhile quarter. Raw worldly imports were valued astatine N1.81 trillion, marking a 23.42 per cent emergence from Q1 2024, though 14.14 per cent beneath Q4 2024 levels.

Manufactured goods dominated imports, totalling N7.51 trillion, up 30.90% from N5.74 trillion a twelvemonth earlier but down 11.35% compared with Q4 2024. Solid mineral imports besides grew by 29.44 per cent year-on-year to N91.78 billion.

Exports Remain Oil-Driven

Total exports successful Q1 2025 deed N20.60 trillion, a 7.42 per cent summation implicit N19.18 trillion successful the aforesaid play of 2024 and 2.92 per cent higher than N20.01 trillion successful Q4 2024.

India, the Netherlands, the United States, France, and Spain were Nigeria’s apical export destinations, with crude oil, liquefied earthy gas, petroleum gases, urea, and cocoa beans driving performance.

Agricultural exports surged to N1.70 trillion, representing a 64.65 per cent year-on-year summation and a 10.63 per cent emergence compared with Q4 2024.

Raw worldly exports besides grew strongly, rising to N1.04 trillion, astir triple the N352.75 cardinal recorded successful Q1 2024.

In contrast, crude lipid exports—which accounted for the bulk of full exports—stood astatine N12.96 trillion, down 16.35 per cent from N15.49 trillion successful Q1 2024 and 6.01 per cent little than the preceding quarter. Manufacture exports were valued astatine N294.43 billion, up 9.5 per cent year-on-year but sharply little than Q4 2024.