Nigeria’s foreign trade in goods stood at ₦38.04 trillion in the second quarter (Q2) of 2025, with exports valued at ₦22.75 trillion and imports at ₦15.29 trillion.
This resulted in a trade surplus of ₦7.46 trillion, according to data from the National Bureau of Statistics (NBS).
While the positive trade balance showed resilience in external trade, the figures also expose Nigeria’s continued reliance on crude oil exports and the limited growth of non-oil trade despite years of diversification policies.
Crude oil alone contributed ₦11.97 trillion, accounting for 52.6% of total exports while other petroleum oil products added ₦7.74 trillion (34%).
In total, petroleum-related exports represented more than 86% of the country’s export receipts, leaving agricultural goods, raw materials, solid minerals, and manufactured goods to share the remaining fraction.
Agricultural exports stood at ₦1.26 trillion (5.5%), raw materials ₦819.72 billion (3.6%), and manufactured goods ₦803.81 billion (3.5%). Solid minerals, despite Nigeria’s rich reserves, generated only ₦77.31 billion (0.34%).
On the import side, manufactured goods dominated with ₦7.88 trillion, representing 51.6% of total imports, followed by other petroleum products at ₦2.79 trillion (18.2%) and crude oil imports of ₦1.64 trillion (10.7%).
Raw materials and agricultural imports reached ₦1.72 trillion and ₦1.18 trillion respectively, indicating persistent structural weaknesses in local production capacity.
Critical Observations
The data underscores Nigeria’s dependence on oil for export revenue and manufactured imports for domestic consumption, a structural imbalance that exposes the economy to oil price volatility and external supply shocks.
Despite government rhetoric around non-oil diversification, non-oil exports contributed only ₦3.05 trillion, a mere 13.4% of total exports, showing negligible progress in broadening the country’s revenue base.
The weak performance of solid minerals (₦77.31 billion) is particularly striking given Nigeria’s abundant deposits of gold, iron ore, and lithium, which remain largely unexploited due to policy inconsistency, insecurity, and infrastructure gaps.
Manufactured exports at ₦803.81 billion contrast sharply with imports of ₦7.88 trillion, reflecting a huge competitiveness gap and raising concerns about Nigeria’s industrial base. This imbalance also worsens foreign exchange pressure, as demand for imported goods continues to outstrip the capacity of local industries.
Outlook
While the trade surplus of ₦7.46 trillion offers temporary relief for foreign reserves, the structure of trade remains heavily skewed.
Nigeria’s dependence on petroleum exports and imported manufactured goods represents a long-term vulnerability, particularly at a time when global markets are shifting toward renewable energy and sustainable trade practices.
Without urgent reforms to boost non-oil exports, industrial competitiveness, and mineral development, Nigeria risks remaining trapped in a cycle of commodity dependence, forex shortages, and weak value-chain integration.