While Nigeria sustained a positive trade balance in the fourth quarter of 2025, total merchandise trade fell, largely due to lower crude oil export earnings.

Nigeria maintained a merchandise trade surplus of ₦1.71 trillion in the fourth quarter of 2025, even as total trade activity declined, data released on Tuesday by the National Bureau of Statistics (NBS) show.

According to the statistics agency, the country's total merchandise trade stood at ₦36.21 trillion, down 1.07 per cent from ₦36.60 trillion in Q4 2024 and 8.94 per cent from the ₦39.77 trillion recorded in the previous quarter, reflecting weaker export activity, particularly in crude oil shipments.

Exports accounted for 52.36 per cent of total trade during the quarter, valued at ₦18.96 trillion, while imports stood at ₦17.25 trillion, a trade surplus of ₦1.71 trillion.

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However, export earnings fell relative to previous periods, declining 5.25 per cent from ₦20.01 trillion in Q4 2024 and 16.88 per cent compared with ₦22.81 trillion in Q3 2025.

Crude oil dominates export earnings

Crude oil remained the largest contributor to Nigeria's exports, valued at ₦9.70 trillion, or 51.17 per cent of total exports. Other petroleum products added ₦6.12 trillion (32.25 per cent), while agricultural goods brought in ₦1.32 trillion and raw materials contributed ₦1.19 trillion.

Smaller contributions came from manufactured goods (₦423.43 billion), solid minerals (₦116.84 billion), and energy goods (₦89.72 billion).

Manufactured goods lead imports

On the import side, manufactured goods accounted for the largest share, valued at ₦8.80 trillion, or 51.03 per cent of total imports. Other petroleum products followed with ₦4.02 trillion, while raw materials and agricultural goods stood at ₦2.35 trillion and ₦1.44 trillion, respectively.

Imports of crude oil totalled ₦499.75 billion, solid minerals ₦140.99 billion, and energy goods ₦80 million.