•Annual trade surplus rises 5.3% to N17.8trn By Elizabeth Adegbesan & Progress Godfrey Nigeria recorded a 121 per cent, year-on-year (YoY) decline in trade surplus to N1.71 trillion in the fourth quarter of 2025, from N3.42 trillion in the same period of 2024. Similarly, on a quarterly basis, the country’s trade surplus fell by 71 percent, Quarter-on-Quarter […]
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•Annual trade surplus rises 5.3% to N17.8tr
By Elizabeth Adegbesan & Progress Godfrey
Nigeria recorded a 121 per cent, year-on-year (YoY) decline in trade surplus to N1.71 trillion in the fourth quarter of 2025, from N3.42 trillion in the same period of 2024.
Similarly, on a quarterly basis, the country’s trade surplus fell by 71 percent, Quarter-on-Quarter (QoQ), to N1.7 trillion in Q4’25. This represents the second consecutive QoQ decline in trade surplus.
However, on an annual basis, total trade surplus rose year-on-year by 5.3 per cent to N17.8 trillion in 2025, from N16.9 trillion in 2024.
The National Bureau of Statistics (NBS) disclosed this in its Foreign Trade in Goods Statistics Fourth Quarter, 2025 report released yesterday.
According to the NBS, total merchandise trade rose by 10.4 per cent to N152.473 trillion in 2025 from N138.032 trillion in 2024.
Total imports rose by 11 per cent to N67.4 trillion in 2025 from N60.59 trillion in 2024, while total exports increased by 9.9 per cent to N85.12 trillion from N77.44 trillion.
Further analysis showed that in the first quarter of 2025, trade surplus stood at N3.9 trillion and grew by 61.5 percent to N6.3 trillion in Q2’25. In Q3’25, the trade surplus fell by 6.7 percent to N5.9 trillion and dropped sharply by 71 percent to N1.7 trillion in Q4’25.
In its latest FTS report, NBS said: “Nigeria’s merchandise trade balance for Q4 2025 remained positive at N1,712.48 billion. The total merchandise trade stood at N36,214.34 billion in Q4 2025, representing a decrease of 1.07 percent from N36.6 trillion recorded in the corresponding period of 2024, and a decrease of 8.94 percent compared to the value recorded in the preceding quarter (N39,771.47 billion). This is majorly attributable to a decline in crude oil exports.
“In the quarter under review, exports accounted for 52.36 percent of total trade with a value of N18.9 trillion, showing a decrease of 5.25 percent over the value recorded in the corresponding quarter of 2024 (N20.014 trillion) and a decrease of 16.88 percent compared to the value recorded in Q3, 2025 (N22.81 trillion).
“Analysis shows that crude oil remained Nigeria’s major exported commodity in the fourth quarter of 2025 with a value of N9.7 trillion, representing 51.17 percent of total exports.
“A further breakdown reveals that the value of non-crude oil exports stood at N9.26 trillion, accounting for 48.8 percent of total exports, of which non-oil products contributed N3.14 trillion or 16.59 percent of total exports.
“On the other hand, imports accounted for 47.64 percent of total trade in the fourth quarter of 2025, with a value of N17,250.93 billion, representing a 3.98 percent increase compared to N16,590.51 billion recorded in Q4 2024, and a 1.73 percent increase from N16,957.90 billion recorded in Q3 2025.”
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