Commerce surplus drops to N1.7tn as crude exports decline

Nigeria’s merchandise commerce surplus fell sharply to N1.71tn within the fourth quarter of 2025, down from N3.42tn recorded within the corresponding interval of 2024, as declining crude oil exports and rising imports narrowed the nation’s optimistic commerce steadiness.

Information launched by the Nationwide Bureau of Statistics on Monday confirmed that though Nigeria maintained a commerce surplus through the quarter, the steadiness weakened considerably on a year-on-year foundation.

The NBS stated in its Overseas Commerce in Items Statistics for This fall 2025 that “Nigeria’s merchandise commerce steadiness for This fall 2025 remained optimistic at N1.71tn,” including that the moderation within the steadiness was “majorly attributable to a decline in crude oil exports.”

Complete commerce through the quarter stood at N36.21tn, barely decrease than the N36.60tn recorded in This fall 2024, reflecting a 1.07 per cent decline year-on-year. Exports remained larger than imports through the quarter however dropped considerably in contrast with the earlier yr.

The NBS reported that complete exports fell to N18.96tn in This fall 2025, representing a 5.25 per cent decline from N20.01tn recorded in This fall 2024 and a 16.88 per cent drop in contrast with the earlier quarter.

Exports accounted for 52.36 per cent of complete commerce, in contrast with the next share within the corresponding interval of 2024. In keeping with the report, crude oil continued to dominate Nigeria’s export construction, contributing N9.70tn or 51.17 per cent of complete exports through the quarter. Nonetheless, crude oil earnings dropped sharply.

“Crude oil exports in This fall 2025 had been valued at N9.7tn; the worth decreased by 29.60 per cent from N13.78tn in This fall 2024,” the bureau said.”

The sharp decline in crude earnings largely explains the weakening of Nigeria’s total commerce steadiness regardless of comparatively robust non-oil and different petroleum product exports.

Non-crude oil exports stood at N9.26tn, accounting for 48.83 per cent of complete exports, whereas non-oil exports contributed N3.15tn, representing 16.59 per cent of complete exports.

Exports of different oil merchandise, nonetheless, surged to N6.12tn, reflecting an 80.45 per cent enhance year-on-year, partially offsetting the decline in crude oil earnings. Whereas exports weakened, imports continued to rise. The NBS stated complete imports elevated to N17.25tn in This fall 2025, representing a 3.98 per cent rise from N16.59tn recorded in This fall 2024.

Imports accounted for 47.64 per cent of complete commerce through the quarter. Evaluation of imports confirmed that Nigeria remained closely depending on overseas manufactured items and gas merchandise.

In keeping with the report, the most important import class was equipment and transport tools, valued at N5.13tn, accounting for 29.75 per cent of complete imports. This was adopted by mineral fuels valued at N4.52tn, representing 26.19 per cent, and chemical substances and associated merchandise value N2.70tn, accounting for 15.68 per cent.

Regionally, the NBS said that Nigeria imported items primarily from Asia, valued at N8.08tn, representing 46.83 per cent of complete imports. This was adopted by Europe with N5.75tn or 33.31 per cent, whereas imports from Africa stood at N696.13bn or 4.04 per cent.

China remained Nigeria’s largest import associate, accounting for N5.39tn or 31.22 per cent of complete imports, adopted by the USA, the Netherlands, India, and Brazil.

On the export facet, Europe continued to dominate as the most important vacation spot for Nigerian items. The NBS stated exports to Europe had been valued at N6.87tn, representing 36.24 per cent of complete exports, adopted by Asia with N5.11tn or 26.94 per cent.

Exports to Africa stood at N3.41tn, accounting for 18.01 per cent, whereas exports to the Americas had been valued at N3.29tn. The report added that Nigeria’s prime export companions through the quarter had been the Netherlands, India, Spain, France, and Canada, which collectively accounted for 41.99 per cent of complete exports.

The Netherlands alone acquired Nigerian exports value N2.03tn, representing 10.72 per cent of complete exports. Nigeria’s exports to African international locations stood at N3.41tn, considerably larger than imports from the continent, which had been valued at N696.13bn, reinforcing Nigeria’s commerce surplus with the area.

Main African export locations included South Africa, the Ivory Coast, Togo, Ghana, and Egypt, which collectively accounted for greater than 70 per cent of exports to the continent.

Inside West Africa, Nigeria exported items value N2.21tn, whereas imports from the area stood at N288.84bn. Ivory Coast and Togo had been the most important patrons of Nigerian items within the sub-region, whereas Ghana remained Nigeria’s largest import associate inside West Africa.

Exports to ECOWAS international locations had been valued at N1.81tn, in contrast with imports of N279.83bn from the bloc.

Sectoral evaluation confirmed blended efficiency throughout key sectors. Complete commerce in agricultural items stood at N2.76tn, with exports accounting for N1.32tn, though agricultural exports declined by 14.11 per cent year-on-year.

Agricultural imports rose considerably to N1.44tn, reflecting Nigeria’s continued dependence on imported meals commodities equivalent to wheat and soybean oil. Commerce in strong minerals rose strongly, with exports reaching N116.84bn, representing a 92.48 per cent enhance in contrast with This fall 2024.

The manufactured items sector recorded complete commerce of N9.23tn, though exports from the sector remained restricted at N423.43bn, highlighting Nigeria’s weak manufacturing export capability.

In the meantime, commerce in uncooked supplies reached N3.54tn, with imports valued at N2.35tn and exports at N1.19tn. The NBS additionally reported that Nigeria’s commerce flows had been overwhelmingly transported by sea.

Maritime transport accounted for 98.58 per cent of exports valued at N18.69tn, whereas 96.81 per cent of imports value N16.70tn had been additionally transported via sea routes.

When it comes to port operations, Apapa Port dealt with the most important share of commerce, accounting for N13.77tn or 72.63 per cent of exports, whereas N8.26tn of imports had been processed via the port.