• Nigeria recorded a trade surplus of 1.712 trillion naira ($1.22 billion) in the fourth quarter of 2025.

• Exports reached 18.96 trillion naira ($13.5 billion) and remained largely driven by crude oil and natural gas.

• Gross external reserves rose to $50.45 billion, the highest level in 13 years.

Nigeria recorded a trade surplus of 1.712 trillion naira (about $1.22 billion) in the fourth quarter of 2025. The National Bureau of Statistics (NBS) reported the figure in its latest trade report published on Tuesday, March 10.

Nigeria’s merchandise trade balance for Q4 2025 remained positive at ₦1,712.48
billion. The total merchandise trade stood at ₦36,214.34 billion in Q4, 2025,
representing a decrease of 1.07% from ₦36,604.83 billion recorded in Q4 2024; and a decrease of 8.94% compared to the… pic.twitter.com/gUPZoRypMK

— NBS Nigeria (@NBS_Nigeria) March 10, 2026

Nigeria exported goods worth 18,963.41 billion naira ($13.5 billion) during the quarter. However, exports declined by 5.25% compared with more than 20,014 billion naira recorded during the same period in 2024. Crude oil, natural gas, aviation kerosene, other gaseous petroleum products and urea accounted for the largest share of exports during the period. Meanwhile, exports represented 52.36% of Nigeria’s total trade in the fourth quarter.

Nigeria shipped most of its exports to the Netherlands, India, Spain, France and Canada, which ranked as its main trading partners during the period.

Nigeria imported goods worth 17,250 billion naira in the fourth quarter of 2025. Imports increased by 3.98% compared with 16,590 billion naira recorded in the same period of 2024. The country imported mainly premium motor spirit (gasoline), durum wheat, crude petroleum oils and other oils obtained from bituminous minerals, and cane sugar.

“The analysis of Nigeria’s import trade shows that China continued to dominate in the fourth quarter of 2025, followed by the United States of America, the Netherlands, India and Brazil,” the report said.

Nigeria exported 3,414.7 billion naira worth of goods to African countries during the quarter.

Nigeria imported 696.13 billion naira worth of goods from African markets during the same period. The country’s main African trading partners included South Africa, Côte d’Ivoire, Togo, Ghana and Egypt.

Nigeria recorded these trade results while its gross external reserves rose to $50.45 billion as of February 16, 2026. The reserve level marked the highest level in thirteen years and provided coverage for 9.68 months of imports of goods and services.

Meanwhile, Nigeria’s real GDP growth reached 4.07% in the fourth quarter of 2025, compared with 3.98% in the previous quarter. The oil, agriculture and industrial sectors drove the economic expansion.

Nigeria’s total trade reached more than 36,214 billion naira during the fourth quarter of 2025. However, total trade declined 8.94% compared with the previous quarter and 1.07% compared with the same period in 2024. 

This article was initially published in French by Lydie Mobio

Adapted in English by Ange J.A de Berry Quenum