Nigeria’s total merchandise trade rose to ₦38,037.52 billion in the second quarter of 2025, marking a 20.05% increase compared to ₦31,683.75 billion recorded in the same period of 2024. The figure also reflects a 5.59% growth from the ₦36,024.66 billion recorded in Q1 2025, according to the latest data from the National Bureau of Statistics (NBS).
Exports Drive Growth
Exports accounted for 59.81% of total trade, reaching ₦22,750.74 billion. This represents a:
- 28.43% increase compared to Q2 2024 (₦17,714.41 billion)
- 10.45% increase compared to Q1 2025 (₦20,598.48 billion)
Breakdown of Exports
- Crude oil exports: ₦11,965.98 billion (52.60% of total exports)
- Non-crude oil exports: ₦10,784.76 billion (47.40% of total exports)
- Non-oil products: ₦3,045.55 billion (13.39% of total exports)
Imports Slow Down Slightly
Imports made up 40.19% of total trade, valued at ₦15,286.78 billion. This reflects a:
- 9.43% increase compared to Q2 2024 (₦13,969.34 billion)
- 0.90% decline compared to Q1 2025 (₦15,426.17 billion)
Positive Trade Balance
Nigeria’s merchandise trade balance for Q2 2025 stood at ₦7,463.96 billion, showing a 44.31% increase compared to Q1 2025.
