Nigeria’s monthly trade surplus fell by 35 per cent, month-on-month, reaching $1.39 billion in July from $2.14 billion in June. This decline was primarily driven by an increase in imports and a slight drop in exports.

The Central Bank of Nigeria disclosed this information in its Monthly Economic Report for July. The report showed that total exports fell by 0.8 per cent while total imports rose by 25.09 per cent during the month.

The report stated: “The trade surplus narrowed to 1.39 billion, from US2.14 billion in the preceding period, reflecting both marginal decline in export performance and higher import bills.”

Further details from the report indicated: “Export receipts fell by 0.80 per cent to $4.93 billion, largely, on account of lower earnings from the export of crude oil products, while import bills rose by 25.09 per cent to $3.54 billion, driven by increased import of oil and non-oil products.”

An analysis of export composition showed that crude oil, gas, and refined petroleum products accounted for 84.88 per cent of the total, with non-oil contributing the balance. In terms of imports, non-oil imports accounted for 74.50 per cent, with oil constituting the balance.

The report elaborated on the export figures: “Export earnings from crude oil, gas and refined petroleum products moderated slightly in the review period, reflecting weaker crude oil prices, amid elevated global inventories and sustained supply. Total receipts from crude oil, gas and refined petroleum products exports fell to $4.18 billion, from $4.29 billion in the preceding month.”

A disaggregation of the oil sector earnings was provided: “A disaggregation indicated that crude oil export receipts decreased to US$2.55 billion, from $2.74 billion in the preceding month. Earnings from the export of refined petroleum products fell to $0.53 billion from $0.95 billion in June 2025.”

However, gas exports showed resilience: “Gas export earnings, however, increased to $1.10 billion from $0.95 billion in the preceding month. The improvement in gas receipts was supported by firmer international prices, as colder-than-average temperatures in Europe boosted demand for space heating.”

Non-oil exports also saw an increase: ‘Non-oil export earnings increased in the review period, largely on account of higher receipts from mineral products. Non-oil export earnings increased to $0.75 billion, from $0.68 billion in the preceding month.’

The report detailed the rise in imports: ‘Merchandise imports rose, due to increase in the importation of both oil and non-oil products. Import bills increased by 25.09 per cent to $3.54 billion, from $2.83 billion in the preceding month. A disaggregation indicated that non-oil imports increased by 23.30 per cent to $2.64 billion from $2.14 billion. Similarly, the importation of petroleum products increased to $0.90 billion from $0.69 billion in the preceding month.’