Nigeria recorded a trade surplus of ₦1.71 trillion in the fourth quarter of 2025, despite a decline in exports largely driven by reduced crude oil shipments.
The figure was disclosed in the latest Foreign Trade Statistics Report released by the National Bureau of Statistics on Tuesday.
The report showed that total merchandise trade stood at ₦36.21 trillion in Q4 2025, representing a 1.07 per cent decline from ₦36.60 trillion recorded in the corresponding period of 2024 and an 8.94 per cent drop from ₦39.77 trillion in Q3 2025.
Exports accounted for 52.36 per cent of total trade in the period, valued at ₦18.96 trillion.
“This represents a decrease of 5.25% over the value recorded in the corresponding quarter of 2024 (₦20,014.33 billion) and a decrease of 16.88% compared to the value recorded in Q3, 2025 (₦22,813.57 billion).”
The NBS attributed the decline mainly to a drop in crude oil exports, which remained Nigeria’s dominant export commodity during the quarter.
Crude oil exports were valued at ₦9.70 trillion, accounting for 51.17 per cent of total exports.
The value fell by 29.60 per cent from ₦13.78 trillion recorded in the corresponding quarter of 2024 and declined by 24.24 per cent compared to ₦12.81 trillion in Q3 2025.
Non-crude oil exports stood at ₦9.26 trillion, representing 48.83 per cent of total exports, while non-oil products accounted for ₦3.15 trillion or 16.59 per cent of total exports.
Nigeria’s top export destinations during the quarter were the Netherlands, India, Spain, France and Canada, while the most exported commodities included crude oil, natural gas, kerosene-type jet fuel, other petroleum gases in gaseous form and urea.
China remains Nigeria’s largest import
Meanwhile, total imports rose to ₦17.25 trillion in the fourth quarter of 2025, representing a 3.98 per cent increase from ₦16.59 trillion recorded in Q4 2024 and a 1.73 per cent increase from ₦16.96 trillion in the previous quarter.
China remained Nigeria’s largest import partner during the period, followed by the United States, the Netherlands, India and Brazil.
Major imported commodities included Premium Motor Spirit (petrol), durum wheat, crude petroleum oils and oils obtained from bituminous minerals, cane sugar meant for refining and used vehicles with diesel or semi-diesel engines.
Despite the decline in exports, the NBS noted that Nigeria sustained a trade surplus throughout 2025, with the fourth-quarter moderation largely linked to the drop in crude oil export earnings.
