Nigeria’s trade surplus surged by 51.07% to N5.17 trillion in the first quarter of 2025, up from the previous quarter, driven by robust export growth.

This figure is according to the National Bureau of Statistics Foreign Trade Statistics report released Wednesday.

Total merchandise trade reached N36.02 trillion, a 6.19% increase from N33.92 trillion in Q1 2024, though it dipped slightly by 1.58% compared to N36.60 trillion in Q4 2024.

Exports, which accounted for 57.18% of total trade, rose 7.42% year-on-year to N20.59 trillion from N19.17 trillion in Q1 2024.

Crude oil exports led the charge, valued at N12.95 trillion (62.89% of total exports), while non-crude oil exports contributed N7.64 trillion, with non-oil products making up N3.16 trillion (15.38%).

Europe was Nigeria’s top export destination, absorbing N8.64 trillion (41.96% of exports), followed by Asia at N6.75 trillion (32.79%) and America at N3.32 trillion (16.16%).

Exports to Africa totaled N1.85 trillion, with ECOWAS countries accounting for N1.06 trillion.

India emerged as the leading single export market at N2.84 trillion (13.80%), followed by The Netherlands.

Imports, representing 42.82% of total trade, grew 4.59% year-on-year to N15.42 trillion from N14.74 trillion in Q1 2024 but declined 7.02% from Q4 2024’s N16.59 trillion.

Asia dominated import sources with N8.77 trillion (56.87%), led by China at N4.65 trillion (30.19%).

Europe and America followed with N3.26 trillion (21.14%) and N2.29 trillion (14.86%), respectively.

Imports from Africa reached N1 trillion, with ECOWAS contributing N200.36 billion.

The strong trade performance underscores Nigeria’s growing global economic footprint, though analysts suggest that policies to diversify the economy away from the over-reliance on crude oil should be implemented.