A report by the National Bureau of Statistics (NBS), has reveals that Nigeria’s total exports stood at ₦20.6 trillion in the first quarter of 2025, reflecting a 7.42% rise compared to ₦19.18 trillion recorded in the corresponding quarter of 2024.
The report published on its website on Wednesday stated that total exports in Q1 2025 were valued at ₦20,598.48 billion, representing a 2.92% increase compared to ₦20,014.33 billion in Q4 2024.
On the import side, Nigeria brought in goods worth ₦15.43 trillion in Q1 2025, indicating a 4.59% increase year-on-year from ₦14.75 trillion in Q1 2024. However, imports declined by 7.02% when compared to the fourth quarter of 2024, which recorded ₦16.59 trillion.
“The value of total imports stood at ₦15,426.17 billion in the first quarter of 2025, representing a rise from the corresponding quarter of 2024 and a decline from the previous quarter,” the NBS noted.
In the preceding quarter (Q4 2024), Nigeria’s total merchandise trade amounted to ₦36.60 trillion. This marked a substantial increase of 68.32% when compared to the ₦21.75 trillion recorded in Q4 2023, and a 2.20% rise from ₦35.82 trillion in Q3 2024.
Exports accounted for 54.68% of total trade in Q4 2024, valued at ₦20.01 trillion. This represented a 57.67% surge over Q4 2023’s ₦12.69 trillion, though it was slightly lower than the ₦20.54 trillion recorded in Q3 2024, showing a 2.55% decrease.
The report further emphasized that crude oil remained the backbone of Nigeria’s exports during the fourth quarter of 2024.
“Crude oil exports were valued at ₦13,783.00 billion, accounting for 68.87% of total exports, while non-crude oil exports stood at ₦6,231.33 billion or 31.13% of total exports,” the NBS report stated.
Of the non-crude exports, non-oil products contributed ₦2.84 trillion, making up 4.20% of total exports during the quarter.
The data underscores Nigeria’s persistent dependence on crude oil exports, even as the government seeks to diversify its economy through non-oil sectors.
