Abuja, Nigeria — June 12, 2025 — Nigeria’s total foreign merchandise trade rose to ₦36.025 trillion in the first quarter of 2025, representing a 6.2% increase compared to ₦33.926 trillion recorded in Q1 2024, according to data released by the National Bureau of Statistics (NBS).
Despite the significant growth in naira terms, the dollar value of trade dropped to $23.676 billion, reflecting continued depreciation of the naira and global trade imbalances.
A review of the past five years shows a sharp upward trend in naira value:
Q1 2020 – ₦7.686 trillion
Q1 2021 – ₦7.860 trillion
Q1 2022 – ₦14.598 trillion
Q1 2023 – ₦12.953 trillion
Q1 2024 – ₦33.926 trillion
Q1 2025 – ₦36.025 trillion
However, in US dollar terms, the trend tells a different story:
Q1 2020 – $24.484 billion
Q1 2021 – $20.685 billion
Q1 2022 – $35.089 billion
Q1 2023 – $28.213 billion
Q1 2024 – $25.889 billion
Q1 2025 – $23.676 billion
Analysts attribute the surge in naira value to inflationary pressures and currency depreciation, while the decline in dollar value raises concerns over Nigeria’s global trade competitiveness.
The trade data was sourced from the Foreign Trade in Goods Statistics published by the NBS and shared by data intelligence platform Statisense.
