Nigeria recorded a ₦7.46 trillion trade surplus in the second quarter (Q2) of the year, according to the National Bureau of Statistics (NBS).
It revealed this in its latest foreign trade report released on Friday, September 12.
The report shows that Nigeria’s total export of ₦22.75 trillion was higher than its imports of ₦15.28 trillion, putting the total merchandise trade at ₦ 38.03 trillion in Q2 2025.
Pinnacle Daily reports that a trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
A review of the report shows that the ₦38.03 trillion total trade represents an increase of 20.05 per cent over the ₦31.68 trillion recorded in Q2 of 2024.
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It also showed an increase of 5.59 per cent compared to the ₦36.02 trillion in the first quarter of the year.
“In the quarter under review, exports accounted for 59.81% of total trade with a value of N22,750.74 billion, showing an increase of 28.43% over the value recorded in the corresponding quarter of 2024 (N17,714.41 billion) and by 10.45% compared to the value recorded in Q1, 2025 (N20,598.48 billion),” the statistics office stated.
A breakdown of the transactions revealed crude oil remained Nigeria’s major export commodity with a value of ₦11.96 trillion, representing 52.60 per cent of total exports.
Non-crude oil exports stood at ₦10.78 trillion, accounting for 47.40 per cent of total exports, while non-oil products contributed ₦3.04 trillion or 13.39 per cent of total exports.
“Using the Standard International Trade Classification, the top-ranked group imports were “mineral fuels” with N4,426.16 billion representing 28.95% of total imports, this was followed by “machinery and transport equipment” with N4,338.91 billion or 28.38% of total imports and Chemicals & related products” with N2,461.32 billion (16.10% of total imports),” NBS said.
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A further look at the NBS report showed Spain was Nigeria’s top export destination, followed by India, France, the Netherlands and Canada.
Spain, the main export destination, recorded a ₦2.47 trillion, accounting for 10.85 per cent of total exports.
This was followed by exports to India with ₦1.98 trillion, representing 8.71 per cent of the total exports.
France recorded ₦1.62 trillion or 7.13 per cent of total exports, the Netherlands with ₦1.54 trillion or 6.75 per cent of total exports, and Canada with goods valued at ₦1.43 trillion, representing 6.27 per cent of total exports.
“These five countries collectively accounted for 39.72% of the value of total exports in Q2, 2025,” NBS said.
On the imports side, China was a top partner with a trade valued at ₦4.96 trillion, representing 32.45 per cent of total imports.
This was followed by imports from the United States with ₦2.16 trillion representing 14.12 per cent of total imports, and India with ₦901.48 billion accounting for 5.9 per cent of total imports.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
