Nigeria’s total merchandise trade rose to N38.9 trillion in the third quarter of 2025, according to new figures released by the National Bureau of Statistics. Moreover, the data shows that the country’s external sector remains resilient despite the sharp downturn in agricultural exports.
Merchandise Trade Gains Momentum in Q3
The NBS reported an 8.71% increase from the N35.8 trillion recorded in Q3 2024. It also represents a 2.36% rise from the N38.04 trillion posted in Q2 2025. Consequently, Nigeria maintained positive trade momentum even as the global economy remained uncertain.
Exports accounted for 58.59% of total trade. Export earnings climbed to N22.8 trillion, reflecting an 11.08% year-on-year rise and a 0.28% uptick from Q2.
Crude Oil Still Dominates Nigeria’s Export Earnings
Crude oil remained the key driver of export revenue. It contributed N12.81 trillion, representing 56.14% of all exports. Non-crude exports increased to N10.01 trillion. Furthermore, non-oil goods reached N2.9 trillion, or 13.14% of total exports.
However, agricultural exports fell sharply. They dropped to N786.62 billion, down 11.69% from Q3 2024 and a steep 37.39% decline from the second quarter. The slump highlights ongoing issues with logistics, production capacity and global competitiveness.
Raw Materials, Minerals and Manufactured Goods Improve
Some export categories recorded significant growth. Raw material exports surged to N1.04 trillion, a 136.38% jump from Q3 2024. Solid mineral exports also rose to N100.81 billion, marking a 29.75% year-on-year increase. Manufactured goods reached N978.53 billion—6.03% lower than last year but 21.74% higher than Q2.
Imports Rise but Surplus Remains
Imports totalled N16.12 trillion, making up 41.41% of total trade. They rose 5.51% year-on-year and 5.47% from Q2. Increased demand for petrol, crude oil, gas oil, durum wheat and raw sugar drove the rise.
Despite this, Nigeria maintained a trade surplus of N6.69 trillion, although the figure dipped 10.36% from Q2 due to faster import growth.
China remained Nigeria’s top source of imports. Meanwhile, India, Spain, France, the Netherlands and Italy were the leading destinations for Nigerian exports.
