Non-oil exports hit N18.4trn as crude earnings drop by 11% – The Sun Nigeria

From Adanna Nnamani, Abuja

The value of Nigeria’s non-oil exports jumped to N18.43 trillion in H1 2025, more than double what was recorded a year earlier, though crude earnings dipped 11 per cent to N24.92 trillion.

This is according to the latest figures from the National Bureau of Statistics (NBS).

The NBS foreign trade report showed that crude oil, which remains the country’s biggest revenue source, declined from N28.10 trillion in the same period of 2024 to N24.92 trillion in H1 2025, reflecting a shortfall of N3.18 trillion. Crude exports stood at N12.96 trillion in the first quarter and slipped further to N11.97 trillion in the second quarter. The commodity’s share of total exports dropped to 52.6 per cent in Q2 2025, down sharply from 71.2 per cent recorded a year earlier.

In contrast, non-crude exports recorded strong growth, climbing from N8.79 trillion in H1 2024 to N18.43 trillion in H1 2025. Within this, non-oil exports such as agricultural produce and solid minerals remained relatively steady at just above N3 trillion in each of the two quarters. The biggest uplift came from refined petroleum products and semi-processed goods, which expanded significantly and boosted the share of non-crude exports to 41 per cent of total trade in H1 2025, compared with 24 per cent a year earlier.

The robust performance of non-crude exports helped Nigeria post a stronger trade surplus in the review period despite the oil decline. Total exports were valued at N43.35 trillion against imports of N30.71 trillion, leaving a positive trade balance of N12.64 trillion, a 54.6 per cent rise compared to the N8.17 trillion surplus recorded in H1 2024.

On a quarterly basis, the surplus widened by 44.3 per cent, from N5.17 trillion in Q1 2025 to N7.46 trillion in Q2. Exports grew by 10.5 per cent to N22.75 trillion in Q2, while imports slipped marginally by 0.9 per cent to N15.29 trillion.

However, fuel imports remained a drag on the country’s external account. Nigeria spent N4 trillion on fuel imports in the first six months of 2025 , N1.76 trillion in Q1 and N2.3 trillion in Q2. For comparison, the country’s total fuel import bill for the whole of 2024 was N15.4 trillion, a level that strained foreign reserves and contributed to naira volatility.

Analysts say the data shows Nigeria’s growing reliance on non-crude trade but also highlights the fiscal risks of its continued dependence on imported fuel, despite gains in other export categories.