From Isaac Anumihe, Abuja
The National Bureau of Statistics (NBS) says that Nigeria’s total merchandise trade stood at ₦36,024.66 billion in Q1, 2025, representing an increase of 6.19 per cent compared to the value of ₦33,925.72 recorded in the corresponding period of 2024 and a decrease of 1.58 per cent compared to the value recorded in the preceding quarter (₦36,604.83).
The NBS also disclosed that in the quarter under review, exports accounted for 57.18 per cent of total trade with a value of ₦20,598.48 billion, showing an increase of 7.42 per cent over the value recorded in the corresponding quarter of 2024 (₦19,176.19) and by 2.92 per cent compared to the value recorded in Q4, 2024 (₦20,014.33).
Further analysis, the bureau noted, shows that Nigeria’s export trade continued to be dominated by crude oil in the first quarter of 2025, valued at ₦12,955.03 billion, representing 62.89 per cent of total exports, while the value of non-crude oil exports stood at ₦7,643.45 billion, accounting for 37.11 per cent of total exports; of which non-oil products contributed ₦3,167.88 billion or 15.38 per cent of total exports.
Meanwhile, total exports in Q1 2025 were valued at ₦20,598.48 billion, reflecting a 7.42 per cent rise compared to ₦19,176.19 billion in the corresponding quarter of 2024 and a 2.92 per cent increase compared to ₦20,014.33 billion in Q4, 2024.
“In Q1 2025, the top five trading export partners were India, The Netherlands, United States, France, and Spain. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, urea, whether or not in aqueous solution, and standard quality cocoa beans,” the NBS stated.
“Exports of agricultural goods in the period under review amounted to ₦1,704.15 billion, representing a 64.65 per cent rise from ₦1,035.02 billion in Q1 2024 and a 10.63 per cent increase from ₦1,540.46 billion in Q4, 2024.
“The value of raw material exports in Q1 2025 stood at ₦1,044.59 billion, representing a rise of 196.12 per cent from ₦352.75 billion in Q1 2024 and 55.65 per cent from ₦671.12 billion in Q4, 2024.
“Solid mineral exports in Q1 2025 were valued at ₦58.87 billion; this shows a 7.17 per cent decrease from ₦63.41 billion in Q1 2024 and a decrease of 3.03 per cent from ₦60.70 billion in Q4, 2024,” the NBS noted.
Also, the value of manufactured goods exports in Q1 2025 was ₦294.43 billion, reflecting a 9.58 per cent increase from ₦268.70 billion in Q1 2024 and a decrease of 40.43 per cent from ₦494.22 billion in Q4, 2024, whereas crude oil exports in Q1 2025 were valued at ₦12,955.03 billion; the value decreased by 16.35 per cent from ₦15,486.63 billion in Q1 2024 and by 6.01 per cent from ₦13,783.00 billion in Q4, 2024.
For imports, the NBS stated that the total value stood at ₦15,426.17 billion in the first quarter of 2025, representing a rise of 4.59 per cent from the value recorded in the corresponding quarter of 2024 (₦14,749.52 billion) and a decrease of 7.02 per cent compared to the value recorded in Q4, 2024 (₦16,590.51 billion).
However, China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, The Netherlands, and The United Arab Emirates.
The most traded commodities imported during the quarter were, according to the NBS, gas oil, motor spirit ordinary, petroleum oils and oils obtained from bituminous minerals; crude, cane sugar meant for sugar refinery, and durum wheat (not in seeds).
“The value of agricultural goods imported in Q1 2025 stood at ₦1,035.81 billion, representing a 12.52 per cent increase compared to ₦920.54 billion recorded in Q1 2024, and a 5.02 per cent decline relative to ₦1,090.55 billion in Q4 2024.
“In the same period, the import value of raw material goods was ₦1,811.10 billion, representing a 23.42 per cent increase from ₦1,467.41 billion in Q1 2024, and a 14.14 per cent decline compared to ₦2,109.26 billion in the preceding quarter (Q4 2024).
“In the first quarter of 2025, solid mineral imports were valued at ₦91.78 billion, representing a 29.44 per cent increase from ₦70.90 billion in Q1 2024, and a 17.90 per cent decrease compared to ₦111.79 billion recorded in Q4 2024.
“During the quarter, the value of imported manufactured goods stood at ₦7,512.22 billion, reflecting a 30.90 per cent increase from ₦5,738.80 billion in Q1 2024, and an 11.35 per cent decrease from ₦8,473.56 billion recorded in Q4 2024.
“The value of other oil products imported in Q1 2025 stood at ₦3,786.98 billion, reflecting a 42.20 per cent decrease from ₦6,551.82 billion in Q1 2024 and a 21.19 per cent decline from ₦4,805.23 billion recorded in Q4 2024,” the bureau noted.
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