Nigeria’s export sector recorded a solid performance in the first quarter of 2025, reaching ₦20.598 trillion, reflecting a 2.92% increase from ₦20.01 trillion in Q4 2024 and a 7.42% rise year-on-year from ₦19.17 trillion in Q1 2024, according to the National Bureau of Statistics (NBS).
Key Export Trends
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Crude petroleum remained the country’s top export, generating ₦12.96 trillion, which accounted for 62.89% of total exports.
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Natural gas followed at ₦1.93 trillion, while other petroleum gases added ₦1.78 trillion.
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Nigeria’s export relationships with India, Italy, and the Netherlands remained strong, reaffirming the strategic importance of these markets.
Top 10 Export Destinations – Q1 2025
1. India – ₦2.84 Trillion
India emerged as Nigeria’s leading export partner with a 76.35% surge from Q1 2024. Remarkably, non-crude exports (₦1.43 trillion) slightly surpassed crude oil exports (₦1.41 trillion), showcasing diversification. Key exports: urea, cashew nuts in shell.
2. Italy – ₦1.24 Trillion
Italy saw a 37.48% increase from the previous year. Crude oil accounted for ₦1.11 trillion, while non-crude exports totaled ₦135.61 billion, including cocoa beans and food crops.
3. Netherlands – ₦2.26 Trillion
Exports to the Netherlands climbed 33.20%, driven by high demand in the oil and gas, agriculture, and industrial sectors. Crude oil made up ₦1.36 trillion, and non-crude exports totaled ₦894.08 billion, including high-grade cocoa.
4. United States – ₦1.54 Trillion
US trade grew by 17.73%, with nearly equal volumes of crude (₦779.38 billion) and non-oil exports (₦764.19 billion), indicating a shift toward diversified trade. Key non-oil exports: cocoa beans, urea, LNG, and agricultural products.
5. Indonesia – ₦1.19 Trillion
Up 4.13% year-on-year, driven largely by ₦1.15 trillion in crude oil exports. Non-oil exports remain modest (₦46.86 billion), highlighting potential for growth. Cocoa beans featured among non-crude items.
6. South Africa – ₦708.69 Billion
Nigeria’s only African top-10 partner, despite a 25.95% decline. Exports were mostly crude oil (₦704.73 billion) with minimal non-crude goods such as cigarette paper.
7. Canada – ₦813.44 Billion
Exports dropped 26.75%, dominated by ₦796.97 billion in crude oil. Non-crude exports totaled just ₦16.46 billion, reflecting limited diversification.
8. Spain – ₦1.44 Trillion
A 28.84% decrease in exports compared to Q1 2024. Crude oil made up ₦989.54 billion, while non-crude exports (₦450.48 billion) included refined lead and natural rubber.
9. France – ₦1.443 Trillion
Saw a 32.08% decline in exports. Crude oil accounted for ₦1.28 trillion; non-crude exports (₦162.32 billion) included natural cocoa butter and urea.
10. Malaysia – ₦550.30 Billion
A newcomer to the top 10 list, rising sharply from ₦99 billion in Q1 2024. Crude oil led exports (₦458.98 billion), while non-crude goods like tin ores, rubber, and cocoa beans showed promise.
Notable Observations
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India’s shift toward non-oil imports from Nigeria marks a significant diversification milestone.
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The United States and Spain also demonstrated growing demand for Nigeria’s non-crude exports.
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However, intra-African trade remains weak, with South Africa being the only continental partner in the top 10, highlighting a regional trade gap.
Outlook
While crude oil continues to dominate, the rising value of non-crude exports across several major markets reflects Nigeria’s gradual shift toward a more diversified export portfolio. With strategic focus on value-added exports and expanded trade relations within Africa, Nigeria has the potential to build a more resilient and inclusive export economy in the coming quarters.
