Nigeria's Q4 2025 Trade Performance: A Detailed Analysis
The National Bureau of Statistics (NBS) has released the foreign trade data for the fourth quarter of 2025, revealing key trends in Nigeria's economic activities. The figures show a mixed performance with notable declines in total trade but a positive trade surplus, highlighting the country's ongoing reliance on crude oil exports and shifting import patterns.
Overall Trade Figures and Trends
Nigeria's total merchandise trade stood at N36.21 trillion in Q4 2025. This represents a 1.07% decline compared to N36.60 trillion in Q4 2024 and an 8.94% drop from N39.77 trillion in Q3 2025. The decrease was primarily driven by a fall in crude oil exports, which continue to dominate the export sector despite global market fluctuations.
Despite the overall trade decline, Nigeria recorded a trade surplus of N1.71 trillion during this period, indicating that export values still exceeded imports. This surplus is a positive indicator for the country's balance of payments, though it comes amid challenges in trade volume.
Export Breakdown and Key Destinations
Total exports were valued at N18.96 trillion, accounting for 52.36% of total trade. However, this marked a 5.25% decrease from N20.01 trillion in Q4 2024 and a 16.88% decline from N22.81 trillion in Q3 2025. Crude oil exports remained the largest component, valued at N9.70 trillion and making up 51.17% of total exports, though this was down 29.60% from the same quarter in 2024.
Non-crude oil exports stood at N9.26 trillion, with non-oil products contributing N3.15 trillion. Key export commodities included:
- Crude oil
- Natural gas
- Kerosene-type jet fuel
- Other petroleum gases
- Urea
Agricultural exports totaled N1.32 trillion, raw materials N1.19 trillion, solid minerals N116.84 billion, and manufactured goods N423.43 billion. Other petroleum products exports were valued at N6.12 trillion.
Top export destinations were:
- Netherlands
- India
- Spain
- France
- Canada
These five countries collectively accounted for 41.99% of total exports. Regionally, Europe was the largest export market with goods worth N6.87 trillion (36.24% of exports), followed by Asia at N5.11 trillion (26.94%), Africa at N3.41 trillion (18.01%), and the Americas at N3.29 trillion (17.35%).
Import Figures and Major Partners
Total imports stood at N17.25 trillion, representing 47.64% of total trade. This was 3.98% higher than N16.59 trillion in Q4 2024 and 1.73% higher than N16.96 trillion in Q3 2025. Major imported commodities included:
- Motor spirit (petrol)
- Durum wheat
- Crude petroleum oils
- Cane sugar
- Used vehicles with diesel or semi-diesel engines
Agricultural imports were N1.44 trillion, raw materials N2.35 trillion, solid minerals N140.99 billion, manufactured goods N8.80 trillion, and other petroleum products N4.02 trillion.
China remained Nigeria's largest import partner with goods valued at N5.39 trillion, followed by the United States at N1.61 trillion, the Netherlands at N1.52 trillion, India at N1.12 trillion, and Brazil at N0.69 trillion. Regionally, Asia was the top import source, supplying N8.08 trillion worth of goods (46.83% of imports), followed by Europe at N5.75 trillion (33.31%), the Americas at N2.67 trillion (15.47%), and Africa at N696.13 billion (4.04%).
Logistics and Port Analysis
Maritime transport dominated trade logistics in Q4 2025. For exports, sea transport accounted for N18.69 trillion (98.58% of total exports), air transport for N121.04 billion (0.64%), and road transport for N58.82 billion (0.31%). Similarly, for imports, maritime transport accounted for N16.70 trillion (96.81% of imports), air transport for N472.96 billion (2.74%), and road transport for N77.19 billion (0.45%).
Port analysis showed that Apapa Port handled the largest share of exports with transactions valued at N13.77 trillion (72.63% of total exports), followed by Lekki Deep Sea Port at N2.82 trillion. On the import side, Apapa Port also recorded the highest transactions at N8.26 trillion, followed by Tin Can Island Port at N2.56 trillion and Lekki Deep Sea Port at N1.23 trillion.
Key Takeaways from the Data
- Total trade declined to N36.21 trillion in Q4 2025, down from previous quarters.
- Nigeria recorded a trade surplus of N1.71 trillion despite the overall trade decrease.
- Exports fell to N18.96 trillion, with crude oil remaining dominant at 51.17% of exports.
- Non-crude oil exports contributed significantly, highlighting diversification efforts.
- Top export destinations included the Netherlands, India, Spain, France, and Canada.
- Imports rose to N17.25 trillion, with China as the leading partner.
- Major import commodities were petrol, wheat, crude oils, sugar, and used vehicles.
- Europe was the largest export region, while Asia led in imports.
- Maritime transport was the primary mode for both exports and imports.
- Apapa Port remained the busiest for trade transactions, underscoring its strategic importance.
This data provides a comprehensive view of Nigeria's trade dynamics in late 2025, reflecting ongoing economic adjustments and global market influences. The reliance on crude oil exports continues, but the growth in non-oil sectors and regional trade patterns offer insights for future policy and investment decisions.
