Nigeria recorded a trade surplus of N1.71 trillion in the fourth quarter of last year even as exports declined during the period under review.

Despite talks of growing the country’s non-oil exports, manufactured goods exports fell to N423.43 billion, a 14.32 per cent year-on-year decline and a 56.73 per cent quarter-on-quarter decline.

This development comes after the N6.691 trillion trade surplus recorded in Q3 2025, indicating a slowdown in export performance.

This is according to data from the National Bureau of Statistics (NBS) Q4 2025 Foreign Trade Report, which shows that total merchandise trade stood at N36.21 trillion, slightly down from N36.60 trillion in Q4 2024 and N39.77 trillion in Q3 2025.

Exports accounted for 52.36 per cent of Nigeria’s total trade in Q4 2025, valued at N18.96 trillion.

Total merchandise trade declined 1.07 per cent year-on-year and 8.94 per cent quarter-on-quarter.

Exports fell 5.25 per cent from N20.01 trillion in Q4 2024 and 16.88 per cent from N22.81 trillion in Q3 2025. Imports increased to N17.25 trillion, up 3.98 per cent from Q4 2024 and 1.73 per cent from Q3 2025. The decline in exports was largely due to weaker crude oil earnings, which continued to affect Nigeria’s trade performance.

Despite lower exports, Nigeria maintained a trade surplus because export earnings still exceeded import spending.

China remained the largest source of Nigeria’s imports in Q4 2025, but other major import partners included the United States, the Netherlands, India and Brazil. The top imported commodities were motor spirit ordinary, durum wheat, crude petroleum oils, cane sugar for refining, and used diesel vehicles.

Agricultural imports rose to N1.44 trillion, up 31.74 per cent year-on-year and 30.24 per cent quarter-on-quarter.

Raw material imports increased to N2.35 trillion, reflecting a 11.50 per cent year-on-year and 16.59 per cent quarter-on-quarter growth.

The data demonstrates Nigeria’s continued reliance on imported food items and industrial raw materials.

Nigeria’s trade balance is largely influenced by crude oil exports, which dominate the country’s foreign earnings.