Nigeria Records 6.1% Trade Growth in Q1 2025
The National Bureau of Statistics (NBS), in its Q1 2025 Foreign Trade in Goods Statistics, indicated that Nigeria experienced a trade growth (rise in total merchandise trade), which reached ₦36 trillion in the first quarter of 2025. This figure signifies a 6.1% increase compared to the ₦34 trillion noted in the same quarter of 2024, and a 1.58% decline relative to the ₦37 trillion recorded in Q4 2024.
In the quarter under review, total exports constituted 57% of total trade, amounting to ₦21 trillion, while imports made up 43%, valued at ₦15 trillion. Nigeria’s export trade remained predominantly influenced by crude oil, which represented 63% of total exports, valued at ₦13 trillion. Non-oil exports accounted for 15% of total exports, valued at ₦3 trillion. The rise in total trade indicates enhanced trade performance and economic activity.
Nevertheless, the persistent heavy dependence on crude oil exports renders the country vulnerable to fluctuations in global oil prices and hampers structural economic diversification. Furthermore, the importation of manufactured goods significantly surpasses exports in the same category, underscoring a lack of robust domestic manufacturing capacity.
Consequently, there is a pressing need to enact targeted industrial policies that encourage local production and the processing of raw materials to enhance manufactured exports and diminish import reliance.
