Nigeria’s total merchandise trade gained momentum in the third quarter of 2025, reaching a robust trillion, an uplift from both the previous year and the preceding quarter. Despite the overall positive trajectory, the country’s trade surplus narrowed as a steady rise in imports met a slightly firmer rebound in exports, according to the latest data from the National Bureau of Statistics (NBS).
Exports remained the cornerstone of the trade basket, valued at trillion (nearly three-fifths of total trade), driven primarily by stronger crude shipments and a jump in non-oil raw material exports.
The Crude Gravity and Non-Oil Headwinds
The structure of Nigeria’s export portfolio remains heavily dependent on hydrocarbons:
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Crude Oil Dominance: Crude oil contributed more than half of all outward shipments, cementing its role as the center of gravity for the nation’s external commerce.
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Non-Oil Exports: Non-oil exports provided an increasingly important buffer at trillion.
However, the performance across the non-oil sector was mixed:
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Agricultural Decline: Overall agricultural exports slipped by more than a third from the previous quarter. Key performers like cocoa beans, cashew nuts, and sesame seeds remained prominent but were unable to offset the general decline.
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Manufactured Upswing: Manufactured exports fared better, boosted by a surge in the sale of light-vessels and assorted maritime equipment, primarily destined for West Africa and Greece.
Trade Partners and Import Pressures
Nigeria’s key global relationships remained stable:
Total imports picked up, rising to trillion. The import basket reflected persistent domestic food-related pressures, with agricultural inflow dominated by wheat from the United States and Russia, mackerel from Chile and the Faroes, and palm oil from Malaysia.
African Trade and Logistics Hubs
Intra-African trade continued to demonstrate a strong surplus for Nigeria, selling goods worth trillion (nearly eight times its imports from the continent). ECOWAS alone accounted for trillion of this volume, absorbing crude, petrol, gasoil, and jet fuel.
In terms of logistics, maritime routes overwhelmingly dominated, with nearly all exports ( trillion) leaving by sea. The ports of Apapa and Lekki cemented their position as Nigeria’s commercial heart, jointly handling more than nine in ten export transactions and over half of all imports.
