Nigeria recorded a trade surplus of 1.712 trillion naira (about US$1.22 billion) in the fourth quarter of 2025, driven largely by oil and gas exports, according to new data released by the National Bureau of Statistics.
The West African economic powerhouse exported goods worth 18.96 trillion naira (US$13.5 billion) during the period, accounting for 52.36 percent of total trade. However, export performance declined by 5.25 percent compared with the same quarter in 2024, when shipments exceeded 20 trillion naira.
Crude oil and natural gas remained the dominant drivers of Nigeria’s export earnings, alongside aviation kerosene, other gaseous petroleum products, and urea. The continued reliance on hydrocarbons highlights the country’s limited diversification despite ongoing government efforts to expand non-oil exports.
Nigeria’s major export destinations during the quarter included the Netherlands, India, Spain, France, and Canada, reflecting the country’s strong trade ties with both Europe and Asia.
Imports, meanwhile, totaled about 17.25 trillion naira during the quarter, rising 3.98 percent compared with the 16.59 trillion naira recorded in the same period in 2024. Nigeria’s import basket was dominated by premium motor spirit (gasoline), durum wheat, crude petroleum oils and other oils derived from bituminous minerals, as well as cane sugar.
More Read
China remained Nigeria’s leading source of imports, followed by the United States, the Netherlands, India, and Brazil, according to the statistics agency’s report.
Despite the trade surplus, analysts note that Nigeria’s continued dependence on imported refined fuel products underscores structural challenges in the country’s energy sector. Africa’s largest oil producer still relies heavily on fuel imports due to limited domestic refining capacity, although several refinery projects aim to reduce this dependence in the coming years.
Trade with African partners represented a smaller share of Nigeria’s overall external trade during the quarter. Exports to African countries reached 3.41 trillion naira, while imports from the continent totaled 696.13 billion naira.
More Read
South Africa, Côte d’Ivoire, Togo, Ghana, and Egypt were Nigeria’s main trading partners within Africa during the period, reflecting both regional supply chains and the growing influence of the African Continental Free Trade Area (AfCFTA).
Nigeria’s latest trade data comes amid broader signs of economic resilience. The country’s gross external reserves climbed to $50.45 billion as of February 16, 2026, marking the highest level in 13 years. The reserve position provides import coverage of about 9.68 months of goods and services, offering a buffer against external shocks and currency volatility.
Economic growth also showed modest improvement. Nigeria’s real GDP expanded by 4.07 percent in the fourth quarter of 2025, compared with 3.98 percent in the previous quarter. Growth was supported by activity in the oil sector as well as improvements in agriculture and industrial output.
Despite the positive indicators, total trade declined during the quarter. Nigeria’s overall trade volume reached more than 36.21 trillion naira in the final three months of 2025, representing a decline of 8.94 percent compared with the previous quarter and a marginal drop of 1.07 percent compared with the same period a year earlier.
Economists say the figures highlight both strengths and vulnerabilities in Nigeria’s external sector. While strong energy exports and rising reserves support the balance of payments, fluctuations in oil prices and import dependence continue to shape the country’s trade dynamics.
As Nigeria seeks to sustain economic growth, policymakers are expected to intensify efforts to diversify exports, strengthen domestic production, and expand trade within Africa’s rapidly integrating markets.
