… Exports Hit ₦22.7trn, Crude Oil Contributes Over 52%
Nigeria’s economy recorded a major boost in the second quarter of 2025 as the country posted a trade surplus of ₦7.46 trillion, according to the latest data released by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Report released on Friday, said total trade for the period stood at ₦38.03 trillion, marking a 20.05 percent increase compared with the same quarter in 2024 and a 5.59 percent rise over the first quarter of 2025.
Exports were valued at ₦22.75 trillion, accounting for 59.81 percent of total trade, while imports stood at ₦15.28 trillion.
The bureau said exports grew by 28.43 percent year-on-year and 10.45 percent quarter-on-quarter, reflecting stronger foreign demand for Nigerian products.
The report revealed that crude oil continued to dominate Nigeria’s external sector, contributing ₦11.96 trillion or 52.6 percent of total exports in Q2 2025. Non-crude oil exports were valued at ₦10.78 trillion (47.4 percent), while non-oil products such as manufactured goods and agricultural produce accounted for ₦3.04 trillion (13.39 percent).
On the import side, Nigeria’s biggest spending went into mineral fuels (₦4.43 trillion, 28.95 percent), followed by machinery and transport equipment (₦4.34 trillion, 28.38 percent) and chemicals and related products (₦2.46 trillion, 16.1 percent).
The NBS data showed that Spain was Nigeria’s top export destination, receiving goods worth ₦2.47 trillion (10.85 percent), followed by India (₦1.98 trillion, 8.71 percent), France (₦1.62 trillion, 7.13 percent), the Netherlands (₦1.54 trillion, 6.75 percent) and Canada (₦1.42 trillion, 6.27 percent).
Collectively, these five countries accounted for 39.72 percent of Nigeria’s exports in the quarter under review.
On the import chart, China maintained its dominance, supplying Nigeria goods valued at ₦4.96 trillion, representing 32.45 percent of total imports. The United States followed with ₦2.16 trillion (14.12 percent), while imports from India were valued at ₦901.48 billion (5.9 percent).
Other notable trading partners were the Netherlands (₦606.82 billion, 3.97 percent) and the United Arab Emirates (₦536.09 billion, 3.51 percent).
The bureau said the data underscores the country’s heavy reliance on oil revenues despite an uptick in non-oil exports.
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