National Bureau of Statistics (NBS) says Nigeria posted a merchandise trade surplus of N1.71 trillion in the fourth quarter (Q4) of 2025.
In its foreign trade statistics report released on Tuesday, the statistics agency stated that total merchandise trade for the period stood at N36.21 trillion in Q4 2025, reflecting a 1.07 per cent decline from the N36.60 trillion recorded in the corresponding quarter of 2024.
The NBS also noted that the figure dropped by 8.94 per cent when compared with the N39.77 trillion recorded in the previous quarter (Q3 2025), attributing the decrease largely to reduced crude oil export earnings.
A trade surplus indicates a positive trade balance in which a country’s exports exceed its imports.
“In the quarter under review, exports accounted for 52.36 percent of total trade with a value of N18.96 trillion,” the NBS said.
The report explained that the export value fell by 5.25 per cent compared with the N20.60 trillion recorded in Q4 2024 and declined by 16.88 per cent from the N22.81 trillion posted in Q3 2025.
Further breakdown showed that crude oil remained Nigeria’s leading export commodity during the quarter.
According to the NBS, crude oil exports were valued at N9.70 trillion, accounting for 51.17 per cent of total exports.
The report added that non-crude oil exports amounted to N9.26 trillion, representing 48.83 per cent of total exports, while non-oil products contributed N3.15 trillion, which made up 16.59 per cent of the total export value.
On the import side, the NBS said imports accounted for 47.64 per cent of total trade, amounting to N17.25 trillion in Q4 2025.
The figure represents a 3.98 per cent increase compared with the N16.59 trillion recorded in Q4 2024 and a 1.73 per cent rise from the N16.96 trillion reported in Q3 2025.
China remains Nigeria’s largest import source
The report further showed that China remained Nigeria’s biggest source of imports, with goods valued at N5.39 trillion, representing 31.22 per cent of total imports.
The NBS stated that imports from the United States stood at N1.61 trillion (9.34 per cent), followed by Netherlands with N1.52 trillion (8.80 per cent), India with N1.12 trillion (6.47 per cent), and Brazil with imports valued at N685.69 billion (3.97 per cent).
“The most traded commodities imported during the quarter were Motor spirit ordinary, Durum wheat, Petroleum oils and oils obtained from bituminous minerals crude, Cane sugar meant for sugar refinery, and Used Vehicles, with diesel or semidiesel engine,” the NBS added.
On the export front, the report said the Netherlands emerged as Nigeria’s largest export destination during the quarter, with exports worth N2.03 trillion, representing 10.72 per cent of total exports.
This was followed by India with N1.83 trillion (9.64 per cent), Spain with N1.71 trillion (9.02 per cent), France with N1.36 trillion (7.19 per cent), and Canada with exports valued at N1.03 trillion, representing 5.42 per cent of total exports.
According to the NBS, these five countries together accounted for 41.99 per cent of Nigeria’s total export value in Q4 2025.
The agency further stated that the most exported commodities during the quarter were “crude oil, natural gas, Kerosine type jet fuel, other petroleum gases in a gaseous state, and Urea, whether or not in aqueous solution”.