NBS: Nigeria recorded N6trn trade surplus in Q3 | India, Spain top export destinations

The National Bureau of Statistics (NBS) says Nigeria recorded a trade surplus of N6.69 trillion in the third quarter (Q3) of 2025.

The figure indicates a decrease of 10.36 percent compared to the N7.4 trillion recorded in the preceding quarter.

A trade surplus occurs when a country’s exports exceed imports.

The NBS, in its foreign trade report for Q3 of 2025, said Nigeria’s exports totalled N22.81 trillion while imports stood at N16.12 trillion.

The bureau said total trade was N38.93 trillion in the period examined.

“Nigeria’s total merchandise trade stood at ₦38,936.55 billion in Q3, 2025. This represents an increase of 8.71% over the value; ₦35,818.35 billion recorded in the corresponding period of 2024 and an increase by 2.36% compared to the value recorded in the preceding quarter (₦38,037.52 billion),” the NBS said.

“In the quarter under review, exports accounted for 58.59% of total trade with a value of ₦22,813.57 billion, showing an increase of 11.08% over the value recorded in the corresponding quarter of 2024 (₦20,537.17 billion) and by 0.28% compared to the value recorded in Q2, 2025 (₦22,750.74 billion).”

The NBS said crude oil remained Nigeria’s major exported commodity in Q3 of 2025 with a value of N12.8 trillion, representing 56.14 percent of total exports.

The report said the value of non-crude oil exports stood at N10 trillion, accounting for 43.86 percent of total exports — with non-oil products contributing N2.99 trillion or 13.14 percent of total exports.

“Using the Standard International Trade Classification, the top-ranked group imports were “mineral fuels” with ₦5,154.78 billion representing 31.97% of total imports, this was followed by “machinery and transport equipment” with ₦4,250.48 billion or 26.36% of total imports and “Chemicals & related products” with ₦2,347.07 billion (14.56% of total imports),” the bureau said.

‘INDIA, SPAIN TOP NIGERIA’S EXPORT DESTINATION’

The NBS said India was Nigeria’s top export destination in Q3, followed by Spain, France, the Netherlands and Italy.

The report said the five countries collectively accounted for 38.34 percent of the value of total exports in Q3.

“During the quarter under review, the main export destination was India with a value of ₦2,259.05 billion or 9.90% of total exports, followed by exports to Spain with ₦1,829.71 billion or 8.02% of total exports, France with ₦1,659.12 billion or 7.27% of total export,” the report said.

“The Netherlands with ₦1,542.82 billion or 6.76% of total exports, and exports to Italy with goods valued at ₦1,455.24 billion representing 6.38% of total exports.”

The data bureau said China was a top partner in terms of imports.

China’s trade was valued at N4.78 trillion, representing 29.68 percent of total imports.

“This was followed by imports from the United States of America with ₦3,218.67 billion representing 19.96% of total imports, India with imports valued at ₦1,378.21 billion or 8.55% of total imports,” the bureau said.

The report added that imports from the United Arab Emirates reached N790.66 billion (4.90 percent of total imports), while goods from Belgium were valued at N690.22 billion (4.28 percent of total imports).