Nigeria’s merchandise trade surplus dropped sharply to N1.71 trillion in the fourth quarter of 2025, down from N3.42 trillion in the same period of 2024, as falling crude oil exports and rising imports narrowed the country’s positive trade balance.

Data released by the National Bureau of Statistics on Monday indicated that, while Nigeria still recorded a trade surplus for the quarter, the balance weakened considerably compared with the previous year.

The NBS reported in its Foreign Trade in Goods Statistics for Q4 2025 that “Nigeria’s merchandise trade balance for Q4 2025 remained positive at N1.71 trillion,” noting that the decline was “majorly attributable to a drop in crude oil exports.”

Total trade for the quarter reached N36.21 trillion, slightly below the N36.60 trillion recorded in Q4 2024, representing a 1.07 per cent year-on-year decrease. While exports continued to exceed imports, they fell significantly compared with the same period last year.

The NBS reported that total exports fell to N18.96 trillion in Q4 2025, marking a 5.25 per cent decline from N20.01 trillion in Q4 2024 and a 16.88 per cent drop from the previous quarter.

Exports made up 52.36 per cent of total trade, down from their share in the same period last year.

Crude oil remained the mainstay of Nigeria’s export portfolio, contributing N9.70 trillion, or 51.17 per cent of total exports—but earnings from crude oil slipped sharply during the quarter.

“Crude oil exports in Q4 2025 were valued at N9.7tn; the value decreased by 29.60 per cent from N13.78tn in Q4 2024,” the bureau stated.”

The sharp drop in crude oil earnings largely accounts for the weakening of Nigeria’s overall trade balance, even as non-oil and other petroleum product exports remained relatively strong.

Non-crude oil exports totaled N9.26 trillion, making up 48.83 per cent of total exports, while non-oil exports contributed N3.15 trillion, or 16.59 per cent of the total.

Exports of other petroleum products, however, surged to N6.12 trillion, marking an 80.45 per cent year-on-year increase, partially offsetting the decline in crude oil earnings.
Meanwhile, imports continued to rise.

The NBS reported that total imports reached N17.25 trillion in Q4 2025, up 3.98 per cent from N16.59 trillion in Q4 2024. Imports accounted for 47.64 per cent of total trade, with analysis showing that Nigeria remained heavily reliant on foreign manufactured goods and fuel products.

The report showed that the largest import category was machinery and transport equipment, valued at N5.13 trillion, or 29.75 per cent of total imports. This was followed by mineral fuels at N4.52 trillion (26.19 per cent) and chemicals and related products worth N2.70 trillion (15.68 per cent).

Regionally, Nigeria sourced most of its imports from Asia, valued at N8.08 trillion, accounting for 46.83 per cent of total imports. Europe followed with N5.75 trillion (33.31 per cent), while imports from Africa totaled N696.13 billion, representing 4.04 per cent.

China remained Nigeria’s top import partner, supplying goods worth N5.39 trillion, or 31.22 per cent of total imports. It was followed by the United States, the Netherlands, India, and Brazil.