By Obinna Uballa
Nigeria has reinforced its status as Africa’s leading net exporter, as trade volumes with regional peers jumped by N610 billion in the first half (H1) of 2025, according to fresh data from the National Bureau of Statistics (NBS).
Total trade with other African countries climbed to N4.82 trillion in H1 2025, up from N4.21 trillion in the same period of 2024. The increase was largely driven by a strong rebound in the second quarter, when trade rose to N2.97 trillion almost N1 trillion higher than the N1.98 trillion recorded in Q2 2024, the data showed.
Exports accounted for most of the expansion. Nigeria sold N4.82 trillion worth of goods to African partners in the first six months of 2025, compared with N4.21 trillion in the previous year. Imports also grew but at a slower pace, rising to N1.82 trillion from N1.13 trillion
As a result, Nigeria posted a trade surplus of N2.99 trillion in the period, only slightly below the N3.08 trillion recorded in H1 2024. The surplus narrowed in Q1 due to a surge in imports, but widened again in Q2 when exports accelerated more strongly, according to NBS.
Currency depreciation distorts figures
When measured in dollar terms, however, the trade boom looks less dramatic. Total trade with Africa in H1 2025 amounted to just $3.13 billion, compared with $2.89 billion in 2024 and far below the $4.51 billion achieved in 2019 before the pandemic.
The sharp difference reflects the impact of naira depreciation. In 2019, N1.38 trillion in African trade equated to $4.51 billion at N306/$1. By 2025, N4.82 trillion was worth only $3.13 billion at an exchange rate of N1,538.50/$1. This means naira trade values appear inflated, while actual dollar receipts remain weaker.
Oil exports keep Nigeria ahead
Despite these distortions, Nigeria’s net exporter status remains intact. Crude oil and related products continue to dominate the country’s exports to African partners, ensuring that outbound flows consistently outpace imports.
Global context: US trade falters
The surge in African trade comes against the backdrop of growing strains with the United States. US imports of Nigerian goods collapsed by 41 per cent in a single month, falling from $639m in June 2025 to $379 million in July.
At the same time, US exports to Nigeria also dropped from $919 million in June to $584 million in July. While Washington still recorded a trade surplus of $206 million in July, down from $280 million in June, the figures highlight the fragile nature of Nigeria’s external trade relationships.
