Nigeria recorded a trade surplus of N7.46 trillion in the second quarter of 2025. This figure represents a 5.6 per cent rise over the N5.17 trillion recorded in Q1’25.

The figure released by the National Bureau of Statistics (NBS) on its X handle on Friday shows that total trade stood at N38.03 trillion in the second quarter of the year, marking a 20 per cent increase from a year earlier and a 5.6 per cent rise from the previous quarter.

Total exports for the quarter stood at N22.75 trillion, up 10.5 per cent quarter-on-quarter, while imports were N15.28 trillion, resulting in the highest quarterly trade surplus in recent years.

Crude oil remained Nigeria’s mainstay, with shipments valued at N11.97 trillion, accounting for 52.6 per cent of total exports in Q2.

The report highlights a growing contribution from non-crude oil exports which raked in N10.78 trillion, about 47.4 per cent of exports.

Among the non-oil segment, non-oil products raked in N3.04 trillion, roughly 13.4 per cent of all exports for the quarter reflecting continuing efforts to diversify Nigeria’s revenue base beyond crude oil.

On the export destinations, Spain emerged as Nigeria’s top buyer during the period, purchasing goods worth N2.47 trillion, representing 10.85 per cent of the country’s total exports. India was second with goods valued at N1.98 trillion (8.71 per cent), France: N1.62 trillion (7.13 per cent), The Netherlands: N1.54 trillion (6.75 per cent), Canada: N1.43 trillion (6.27 per cent).

Collectively, the five countries accounted for nearly 40 per cent of all Nigerian exports in the quarter under review.

On the import side, mineral fuels led the chart with a total value of N4.43 trillion, representing 28.95 per cent of all imports. This was followed by Machinery and transport equipment: N4.34 trillion (28.38 per cent) and Chemicals and related products: N2.46 trillion (16.10 per cent).

China maintained its dominance as Nigeria’s largest import source, with imports totalling N4.96 trillion, or 32.45 per cent of all imports. Other major import partners included: United States: N2.16 trillion (14.12 per cent), India: N901.48 billion (5.90 per cent), The Netherlands: N606.82 billion (3.97 per cent) and United Arab Emirates: N536.09 billion (3.51 per cent).