Amid Shortfall in Oil Exports, Foreign Trade Declined to N36.21 Trillion in Q4 2025

• Recorded N1.71tn surplus, crude oil remains major exported commodity

James Emejo in Abuja

The country’s external merchandise declined to N36.21 trillion,  representing a decrease of 8.94 per cent compared to N39.77 trillion in the preceding quarter, the National Bureau of Statistics (NBS) stated yesterday.

Trade further decrease by 1.07 per cent compared to N36.60 trillion in the corresponding period of 2024.

However, the country recorded a trade balance of N1.71 trillion in the review period, the NBS noted.

The NBS stated this in its Foreign Trade Statistics Report for Q4 2025, largely attributing the shortfall to a decline in crude oil exports.

In the review quarter, exports accounted for 52.36 per cent of total trade value at N18.96 trillion, a decrease of 16.88 per cent compared to N22.81 trillion in Q3, 2025 and 5.25 per cent compared to N20.01trillion in Q4 2024.

However, crude oil remained the country’s major exported commodity during the quarter with N9.70 trillion, representing 51.17 per cent of total exports.

Non-crude oil exports stood at N9.26 trillion, accounting for 48.83 per cent of total exports, of which non-oil products contributed N3.15 trillion or 16.59 per centof total exports.

 Exports by region showed that Nigeria exported goods mainly to Europe valued at N6.87 trillion or 36.24 per centof total exports, followed by exports to Asia N5.11 trillion or 26.94 per cent of total exports.

Exports to Africa stood at N3.41 trillion or 18.01 per cent, out of which, goods exported to ECOWAS countries were valued at N1,l. 81 trillion or 52.89 per cent, while exports to America were valued at N3.29 trillion, representing 17.35 per cent of total exports.

The Netherlands stood as the country’s main export destination with N2.03 trillion or 10.72 per cent of total exports, followed by exports to India with N1.83 trillion or 9.64 per cent, Spain N1.71 trillion or 9.02 per cent, France with N1.36 trillion or 7.19 per cent,  and exports to Canada #lN1.03 trillion, representing 5.42 per cent of total exports.

According to the statitical agency, these five countries collectively accounted for 41.99 per cent of the value of total exports in Q4.

The value of exports to African countries stood at N3.41 trillion while imports amounted to N696.13 billion.

Nigeria’s exports to Africa were mainly to South Africa with N629.37 billion, Ivory Coast N597.38 billion, Togo N579.34 billion, Ghana N391.78 billion, and EgyptN285.57 billion, altogether representing 72.73 per cent of exports to Africa.

In Q4, total imports were valued at N17.25 trillion, accounting for 47.64 per cent of total trade.

The country imported goods mainly from Asia, valued at N8.08 trillion, representing 46.83 per cent of total imports.

This was followed by imports from Europe valued at N5.75 trillion or 33.31 per cent, America N2.66 trillion or 15.47 per cent, while imports from Oceania stood at N62.17 billion or 0.36 per cent.

Imports from African countries stood at N696.13 billion or 4.04 per cent of total imports: of which imports from ECOWAS countries amounted to N279.83 billion or 40.20 per centof imports from African countries.

However,  major import partners within Africa in Q4 were from Ghana N150.96 billion, South Africa N131.32 billion, Egypt N130.34 billion, Togo N88.91 billion, and Swaziland  N37.19 billion.