WorldStage Newsonline– Nigeria’s total merchandise trade increased by 6.19 per cent to N36.024.66 trillion in the first quarter of 2025 from N33.926 trillion recorded in Q1 2024 according to the National Bureau of Statistics (NBS).
NBS Foreign Trade in Goods Statistics Report for Q1 2025 released in Abuja on Wednesday that it also represented a decrease of 1.58 per cent compared to the value recorded in Q4 2024 at N36.605 trillion.
The report said that total exports stood at N20.598 trillion accounting for 57.18 per cent of total trade.
The report said that total exports increased by 7.42 per cent compared to the amount recorded in Q1 2024 at N19.176 trillion.
“Also, total exports in Q1 2025 increased by 2.92 per cent when compared to Q4 of 2024 which was recorded at N20.014 trillion.”
It said that in Q1 2025, Nigeria’s export trade continued to be dominated by crude oil exports valued at N12.955 trillion which represented 62.89 per cent of total exports.
The NBS said that the value of non-crude oil exports stood at N7.643 trillion which represented 37.11 per cent of total exports in Q1 2025.
“ Non-oil products contributed N3.168 trillion or 15.38 per cent of total exports.”
The report said that the top trading export partners in Q1 2025 were
India, The Netherlands, the United States of America, France, and Spain.
It said that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.
The report, however, said that total imports stood at N15.426 trillion accounting for 42.82 per cent of total trade in Q1 2025.
It said that total imports increased by 4.59 per cent compared to the value recorded in the first quarter of 2024 at N14.750 trillion.
“Total imports decreased by 7.02 per cent when compared to the value recorded in Q4 2024 at N16.591 trillion.”
The report said that China remained Nigeria’s highest trading partner on the import side in Q1 2025, followed by India, USA, The Netherlands, and The United Arab Emirates.
It said the most traded commodities imported in Q1 2025 were, Gas oil, motor spirit , Petroleum oils and oils obtained from bituminous minerals.
It listed Other most traded commodities as crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).
The NBS said that the merchandise trade balance for Q1 2025 remained positive at N5.172 trillion, showing an increase of 51.07 per cent compared to the value recorded in Q4 2024.
