By Abiola Olawale
The National Bureau of Statistics (NBS) has announced that Nigeria achieved a trade surplus of N7.46 trillion in the second quarter of 2025 (Q2 2025).
NBS explained that this figure underscores the country’s growing export prowess, particularly in key sectors such as mineral fuels and machinery.
The latest NBS report, titled Foreign Trade in Goods Statistics (Q2 2025), revealed that total exports surged to N22.75 trillion during the quarter.
Imports, on the other hand, totaled N15.28 trillion.The bureau said total trade was N38.03 trillion in the period reviewed.
NBS said: “This (total trade) represents an increase of 20.05 percent over the value; N31,683.75 billion recorded in the corresponding period of 2024 and an increase of 5.59 percent compared to the value recorded in the preceding quarter (N36,024.66 billion).
“In the quarter under review, exports accounted for 59.81% of total trade with a value of N22,750.74 billion, showing an increase of 28.43% over the value recorded in the corresponding quarter of 2024 (N17,714.41 billion) and by 10.45% compared to the value recorded in Q1, 2025 (N20,598.48 billion).”
A further breakdown of the report showed that crude oil remained Nigeria’s major exported commodity in Q2 of 2025 with a value of N11.96 trillion, representing 52.60 percent of total exports.
On the other hand, the report said the value of non-crude oil exports stood at N10.78 trillion, accounting for 47.40 percent of total exports.
Also, non-oil products contributed N3.04 trillion or 13.39 percent of total exports.
The report added: “Using the Standard International Trade Classification, the top-ranked group imports were “mineral fuels” with N4,426.16 billion representing 28.95% of total imports, this was followed by “machinery and transport equipment” with N4,338.91 billion or 28.38% of total imports, and Chemicals & related products” with N2,461.32 billion (16.10% of total imports).
“During the quarter under review, the main export destination was Spain with a value of N2,467.33 billion or 10.85 percent of total exports, followed by exports to India with N1,982.25 billion or 8.71% of total exports.
“France with ₦1,622.53 billion or 7.13% of total export, The Netherlands with ₦1,536.68 billion or 6.75% of total exports, and exports to Canada with goods valued at ₦1,426.79 billion representing 6.27% of total exports.
“These five countries collectively accounted for 39.72% of the value of total exports in Q2, 2025.”
Further analysis by NBS showed that China was a top partner in terms of imports. China’s trades were valued at N4.96 trillion, representing 32.45 percent of total imports.
“This was followed by imports from the United States with N2,158.24 billion representing 14.12% of total imports, India with imports valued at N901.48 billion or 5.90% of total imports,” it said.
