By: ThinkBusiness Africa
Nigeria’s external merchandise trade recorded a steady growth in the third quarter of 2025 (Q3 2025), reaching a total value of N38.936 trillion ($26.22 billion), according to the latest data released by the National Bureau of Statistics (NBS) on Thursday.
This represents an 8.71% increase compared to the N35.818 trillion recorded in the corresponding quarter of 2024.
Nigeria successfully maintained a positive trade balance in Q3 2025, which stood at N6.690 trillion ($4.51 billion). However, this figure marks a 10.36% decrease when compared to the value recorded in Q2 2025.
According to NBS total exports for the quarter were valued at N22.813 trillion ($15.36 billion), accounting for 58.59% of the total trade. This export value shows an 11.08% rise from Q3 2024 and a marginal 0.28% increase from Q2 2025.
Crude oil remained Nigeria’s dominant export commodity, valued at N12.806 trillion ($8.62 billion), which made up 56.14% of the total exports.
The value of non-crude oil exports stood at N10.006 trillion ($6.74 billion) making 43.86% of total exports, with non-oil products contributing N2.996 trillion (US$2.02 billion) (13.14% of total exports).
Raw Material Exports witnessed a significant surge, rising by a remarkable 136.38% year-on-year to reach N1.039 trillion ($0.70 billion). Solid Mineral Exports also saw robust growth, increasing by 29.75% year-on-year to N100.81 billion ($ 70 million ).
In contrast, Agricultural Goods Exports declined by 11.69% compared to Q3 2024, amounting to N786.62 billion (US$0.53 billion).
Total imports in Q3 2025 were valued at N16.122 trillion (US$10.86 billion), constituting 41.41% of total trade. The import value saw a 5.51% increase year-on-year.
India is Nigeria’s top export partner during the Quarter with 9.90%. share of total exports for the top five destinations.
On the import side, China dominated imports with 29.68% share of total imports for the top five countries of origin.
Nigeria’s foreign exchange reserves has seen significant increases over the past five years. This December the FX reserve grossed $45 billion from $34 billion recorded in 2020 according to the central bank of Nigeria, providing the West African nation with over 10 months of import covers; far above the minimum 3 months import covers recommended by word bank.
