The National Bureau of Statistics (NBS) says the value of Nigeria’s importation of petroleum products decreased to N3.786 trillion in the first quarter (Q1) of 2025.
In its ‘Foreign Trade in Goods Statistics for Q1 2025’, the bureau said the decline represents a 21.21 percent decline from N4.805 trillion recorded in the fourth quarter (Q4) of 2024.
According to the NBS, petroleum products’ importation also dropped by 75.55 percent from N15.48 trillion in the first quarter (Q1) of 2024.
The decline comes amid increased production by refineries in the country, including the 650,000 barrels-per-day Dangote refinery.
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The bureau said crude oil exports fell to N12.95 trillion in the same quarter, a 16.35 percent drop from N15.48 trillion in the considered period.
The agency said crude oil exports also decreased by 6.01 percent from N13.78 trillion in the Q4 2024.
“Other oil product exports in Q1 2025 stood at N4,475.58 billion, showing an increase of 134.24% rise from N1,910.71 billion in Q1 2024 and as well as increase of 32.07% from N3,388.80 billion in Q4, 2024,” the NBS said.
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“Exports of agricultural goods in the period under review amounted to N1,704.15 billion representing a 64.65% rise from N1,035.02 billion in Q1 2024 and a 10.63% increase from N1,540.46 billion in Q4 2024.
“The value of raw material exports in Q1 2025 stood at N1,044.59 billion, representing a rise of 196.12% from N352.75 billion in Q1 2024 and 55.65% from N671.12 billion in Q4, 2024.”
The agency said solid mineral exports dropped by 7.17 percent to N58.87 billion in the reviewed quarter, from N63.41 billion in the corresponding period of 2024.
The NBS noted that solid mineral exports declined by 3.03 percent from N60.70 billion in Q4, 2024.
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According to the bureau, the value of manufactured goods exports in Q1 2025 was N294.43 billion — a 9.58 percent rise from N268.70 billion in Q1 2024 and a 40.43 percent drop from N494.22 billion in Q4 2024.
‘TOTAL EXPORTS INCREASED BY 7% TO N20.59TRN IN Q1 2025’
Overall, the agency said total exports in Q1 2025 hit N20.59 trillion, reflecting a 7.42 percent increase compared to N19.17 trillion in the corresponding quarter of 2024.
The value, the bureau said, also represents a 2.92 percent rise compared to N20.01 trillion in Q4 2024.
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“In Q1 2025, the top five trading export partners were India, The Netherlands, United States, France, and Spain,” the NBS said.
“The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.”
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‘TOTAL IMPORTS INCREASED BY 4.59% FROM N14.74 BILLION IN Q1 2024’
The agency said the value of total imports stood at N15.42 trillion in Q1 2025, representing a 4.59 percent increase from the value recorded in the corresponding quarter of 2024 (N14.749 trillion).
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The statistics body said it also represents a 7.02 percent decline compared to the value recorded in Q4 2024 (N16.590 trillion).
The agency said China remains Nigeria’s highest trading partner on the import side in the quarter reviewed, followed by India, the US, the Netherlands, and the United Arab Emirates.
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“The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds),” the bureau said.
“The value of agricultural goods imported in Q1 2025 stood at N1,035.81 billion, reflecting a 12.52% rise compared to N920.54 billion recorded in Q1 2024, and a 5.02% decrease relative to N1,090.55 billion in Q4 2024.”
In the same period, the NBS said the import value of raw material goods was N1.811 trillion — a 23.42 percent increase from N1.46 trillion in Q1 2024, and a 14.14 percent decline compared to N2.109 trillion in Q4 2024.
“In the first quarter of 2025, solid mineral imports were valued at N91.78 billion, reflecting a 29.44% increase from N70.90 billion in Q1 2024, and a 17.90% decline compared to N111.79 billion recorded in Q4 2024,” the agency said.
“During the quarter, the value of imported manufactured goods stood at N7,512.22 billion, showing a 30.90% increase from N5,738.80 billion in Q1 2024, and an 11.35% decline from N8,473.56 billion recorded in Q4 2024.”
The data agency said the value of other oil products imported in Q1 2025 stood at N3.78 trillion, reflecting a 42.2 percent decrease from N6.551 trillion in Q1 2024.
According to the agency, the value also represents a 21.19 percent decline from the N4.80 trillion recorded in Q4 2024.
