Nigeria posted a trade surplus of ₦1.71 trillion in the fourth quarter of 2025, even as export earnings declined due largely to lower crude oil shipments.
The figures were contained in the latest foreign trade statistics report released on Tuesday by the National Bureau of Statistics, NBS.
According to the report, the country’s total merchandise trade for the period stood at ₦36.21 trillion.
This represents a 1.07 per cent drop compared with ₦36.60 trillion recorded in the same period of 2024, and an 8.94 per cent decrease from ₦39.77 trillion posted in the third quarter of 2025.
Exports made up 52.36 per cent of total trade during the quarter, amounting to ₦18.96 trillion.
“This represents a decrease of 5.25 percent over the value recorded in the corresponding quarter of 2024 (₦20,014.33 billion) and a decrease of 16.88% compared to the value recorded in Q3 (third quarter), 2025 (₦22,813.57 billion).”
The NBS attributed the contraction in export value mainly to reduced crude oil exports, which continued to dominate Nigeria’s export basket during the period.
Crude oil exports were valued at ₦9.70 trillion, representing 51.17 per cent of total exports. However, the figure dropped sharply by 29.60 per cent from ₦13.78 trillion recorded in the fourth quarter of 2024.
It also declined by 24.24 per cent from ₦12.81 trillion in the third quarter of 2025.
Other export categories performed relatively better.
Non-crude oil exports amounted to ₦9.26 trillion, accounting for 48.83 per cent of total exports, while non-oil exports contributed ₦3.15 trillion, representing 16.59 per cent of the total.
Data from the report showed that Nigeria’s leading export destinations in the quarter included the Netherlands, India, Spain, France and Canada.
Key export products during the period were crude oil, natural gas, kerosene-type jet fuel, petroleum gases in gaseous form and urea.
On the import side, Nigeria recorded a rise in spending on foreign goods.
Total imports for the quarter stood at ₦17.25 trillion, reflecting a 3.98 per cent increase from ₦16.59 trillion recorded in the corresponding quarter of 2024.
It also rose by 1.73 per cent from ₦16.96 trillion in the third quarter of 2025.
China retained its position as Nigeria’s largest source of imports during the period, followed by the United States, the Netherlands, India and Brazil.
Among the most imported products were premium motor spirit, popularly known as petrol, durum wheat, crude petroleum oils and oils obtained from bituminous minerals, cane sugar meant for refining and used diesel or semi-diesel vehicles.
Despite the decline in export value, the NBS noted that Nigeria maintained a trade surplus throughout 2025, although the fourth-quarter figure reflected the impact of reduced crude oil earnings.
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