Spain tops Nigeria’s exports at N2.47trn, China leads imports
Spain tops Nigeria’s exports at N2.47trn, China leads imports
In the second quarter of 2025, Nigeria’s trade position strengthened significantly, recording a 44.3% increase in trade surplus to N7.46 trillion, compared to N5.17 trillion in the previous quarter. Total exports grew by 10.5% quarter-on-quarter to N22.75 trillion, while imports slightly declined by 0.9% to N15.29 trillion.
Spain emerged as Nigeria’s largest export destination, taking in goods worth N2.47 trillion,while China remained the top source of imports,supplying N4.96 trillion in goods. Other major export markets included India, France, the Netherlands, and Canada, with Europe as a whole absorbing 38% of exports, followed by Asia (33%), the Americas (16%), and Africa (13%). Within Africa, ECOWAS countries imported N1.93 trillion worth of mainly petroleum products.
Oil continued to dominate exports, with crude oil accounting for N11.97 trillion (52.6%),though this was slightly lower than in 2024 and Q1 2025. The shortfall was offset by a surge in other petroleum products, nearly doubling to N7.74 trillion. Encouragingly, non-oil exports also expanded: manufactured goods jumped 173% to N803.8 billion, while solid minerals grew 31% to N77.3 billion, signaling gradual diversification.
On the import side, Asia provided half of Nigeria’s inflows, with China leading, followed by the U.S., India, the Netherlands, and the UAE. Imports were dominated by machinery, refined petroleum products, wheat, and pharmaceuticals,with manufactured imports alone valued at N7.88 trillion. Agricultural imports rose to N1.18 trillion, mainly driven by wheat from Canada and Russia.
Most of the country’s trade relied on maritime transport,with Apapa Port handling the bulk of exports (N17.93 trillion) and imports (N6.96 trillion). Lekki Deep Sea Port also gained prominence, managing over 10% of exports and 16% of imports.
Analysts noted that the wider surplus provides some relief for Nigeria’s reserves and exchange rate, but warned that dependence on petroleum leaves the economy vulnerable to external shocks. The rise in manufactured and mineral exports points to early progress in diversification, but the large import bill underscores the urgency of accelerating industrialisation.
