Nigeria Sees Trade Surplus Plummet 121% to N1.7 Trillion in Fourth Quarter of 2025

Nigeria's trade surplus plummeted by 121 percent year-on-year to N1.71 trillion in the fourth quarter of 2025, down from N3.42 trillion in the same period of 2024, marking a significant decline in the country's trade performance.

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The country's trade surplus also fell by 71 percent on a quarterly basis to N1.7 trillion in Q4'25, representing the second consecutive quarter-on-quarter decline in trade surplus, according to the National Bureau of Statistics.

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Despite the decline in quarterly trade surplus, Nigeria's annual trade surplus rose by 5.3 percent to N17.8 trillion in 2025, up from N16.9 trillion in 2024, indicating a positive trend in the country's annual trade performance.

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The National Bureau of Statistics disclosed this information in its Foreign Trade in Goods Statistics Fourth Quarter, 2025 report, which was released yesterday, providing insights into the country's trade activities.

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Nigeria's total merchandise trade increased by 10.4 percent to N152.473 trillion in 2025, up from N138.032 trillion in 2024, driven by a rise in both imports and exports.

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Total imports grew by 11 percent to N67.4 trillion in 2025, up from N60.59 trillion in 2024, while total exports rose by 9.9 percent to N85.12 trillion, up from N77.44 trillion, indicating a significant expansion in the country's trade activities.

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A closer examination of the data reveals that the trade surplus stood at N3.9 trillion in the first quarter of 2025 and surged by 61.5 percent to N6.3 trillion in Q2'25, before experiencing a decline in subsequent quarters.

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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, highlighting the volatility in the country's trade performance.

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According to the NBS, Nigeria's merchandise trade balance remained positive at N1,712.48 billion in Q4 2025, despite a decline in total merchandise trade, which stood at N36,214.34 billion, representing a 1.07 percent decrease from the corresponding period of 2024.

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The decline in total merchandise trade was largely attributed to a decrease in crude oil exports, which had a significant impact on the country's trade performance in the fourth quarter of 2025.

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In the quarter under review, exports accounted for 52.36 percent of total trade, with a value of N18.9 trillion, representing a 5.25 percent decrease from the corresponding quarter of 2024 and a 16.88 percent decrease from the preceding quarter.

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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, while non-crude oil exports stood at N9.26 trillion, accounting for 48.8 percent of total exports.

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A further breakdown of the data reveals that non-oil products contributed N3.14 trillion, or 16.59 percent of total exports, highlighting the significance of non-oil exports in the country's trade activities.

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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 from the corresponding quarter of 2024 and a 1.73 percent increase from the preceding quarter.