Abuja, Nigeria | Monday, September 15, 2025 — Nigeria posted a trade surplus of ₦7.46 trillion in the second quarter of 2025, the National Bureau of Statistics (NBS) has revealed in its latest foreign trade report. The figure marks a significant jump from the ₦5.17 trillion recorded in the first quarter, underscoring stronger overall export performance despite weaker crude oil earnings.
According to the NBS, total exports in Q2 stood at ₦22.75 trillion, up 10.5 percent from the previous quarter and 28.4 percent higher than the same period in 2024. Imports, on the other hand, dipped slightly by 0.9 percent to ₦15.29 trillion.
Crude oil remained the country’s top export, contributing ₦11.97 trillion — about 52.6 percent of total exports. However, oil revenues dropped compared to Q1, even as output rose. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that production in July averaged 1.71 million barrels per day, nearly 10 percent above last year’s levels.
Analysts attribute the revenue shortfall to fluctuations in global crude prices and foreign exchange market dynamics. While oil continues to dominate Nigeria’s trade earnings, non-oil exports — particularly manufactured goods and refined petroleum products — are slowly expanding their footprint.
Experts note that the Q2 surplus will provide some support to Nigeria’s external reserves and help ease currency pressures. However, they warn that the economy remains highly vulnerable to global oil market volatility, reinforcing the need for diversification.
