Nigeria’s trade with other African countries expanded by ₦610 billion in the first half of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Total trade rose to ₦4.82 trillion, compared with ₦4.21 trillion recorded during the same period in 2024.
The report showed that the rise in trade value was driven primarily by stronger exports, which accounted for the bulk of the increase.
Exports climbed to ₦4.82 trillion in the first six months of 2025, up from ₦4.21 trillion in the corresponding period of 2024, while imports also recorded moderate growth, reaching ₦1.82 trillion compared with ₦1.13 trillion a year earlier.
According to the data, the second quarter of 2025 delivered the most significant rebound, with total trade surging to ₦2.97 trillion from ₦1.98 trillion in the same quarter of 2024.
This near-₦1 trillion quarterly jump offset the slower performance recorded in the first quarter, when trade dipped to ₦1.86 trillion from ₦2.24 trillion in Q1 2024.
Despite fluctuations, Nigeria maintained its position as a net exporter within Africa, recording a trade surplus of ₦2.99 trillion in H1 2025.
The surplus was slightly lower than the ₦3.08 trillion recorded in H1 2024 due to higher import costs in the first quarter, when the import bill more than doubled to ₦1 trillion, compared with ₦401.8 billion in the same period last year.
However, the country’s strong export performance in the second quarter — supported by crude oil and refined products — helped restore the trade balance.
The surplus widened again to ₦2.15 trillion in Q2 2025 as exports accelerated more sharply than imports.
In dollar terms, the NBS data revealed that Nigeria’s trade performance appeared much weaker, reflecting the impact of the naira’s steep depreciation.
Total trade with Africa amounted to $3.13 billion in H1 2025, only slightly higher than $2.89 billion recorded in the first half of 2024, but still well below the $4.51 billion achieved in 2019 before the pandemic.
The currency’s slide has created a wide gap between naira-denominated and dollar-denominated values.
In 2019, ₦1.38 trillion in African trade equalled $4.51 billion at an exchange rate of ₦306.73/$, whereas by 2025, ₦4.82 trillion translated to just $3.13 billion at ₦1,538.50/$ — an 80 percent currency depreciation over six years.
Analysts noted that the weaker naira has made nominal trade figures appear stronger, even though real hard-currency trade volumes remain significantly below pre-pandemic levels.
The report confirmed that Nigeria’s exports to African partners continue to be dominated by crude oil and energy-related commodities, while manufactured goods and agricultural products are beginning to show modest recovery following years of foreign exchange restrictions.
Despite these gains, economists warned that the improvement in naira terms does not necessarily translate into real sector growth. They cautioned that the widening disparity between nominal and dollar trade values underscores the pressure on Nigeria’s external sector and its need for sustained currency and trade reforms.
While the depreciation of the naira has inflated export values in domestic terms, the country’s overall trade competitiveness in dollar terms remains constrained by limited industrial capacity, high logistics costs, and persistent non-tariff barriers within Africa.
Nonetheless, the expansion of intra-African trade reflects gradual progress under the African Continental Free Trade Area (AfCFTA) framework, which aims to deepen regional integration and boost cross-border commerce among member states.
The NBS data reinforces Nigeria’s growing pivot toward regional markets amid declining trade volumes with advanced economies. With US imports of Nigerian goods recently plunging by over 40 percent, analysts say the country’s reorientation toward Africa could provide a more sustainable path for diversifying export markets and reducing dependence on Western demand.