Nigeria’s merchandise trade balance for Q4 2025 remained positive at N1.71 trillion, even though it showed a drop from the previous figure.
This was contained in the fourth quarter 2025 foreign trade statistics of the National Bureau of Statistics (NBS).
It said the total merchandise trade stood at N36.21 trillion in Q4, 2025, representing a decrease of 1.07 per cent from N36.60 trillion recorded in the corresponding period of 2024; and a decrease of 8.94 per cent compared to the value recorded in the preceding quarter, which was N39.77 trillion. The NBS said this is majorly attributable to a decline in crude oil exports.
The report also shows that Nigeria imported agricultural products worth N1.44 trillion in the fourth quarter (Q4), 2025.
This represents a 31.74 per cent increase compared to N1.09 trillion recorded in Q4 2024, and a 30.24 per cent increase relative to N1.10 trillion recorded in Q3 2025.
The massive agricultural import during the period explains the drastic drop in food inflation in January to 8.89 per cent from 10.84 per cent in December 2025.
In the quarter under review, exports accounted for 52.36 per cent of total trade with a value of N18.96 trillion, showing a decrease of 5.25 per cent over the value recorded in the corresponding quarter of 2024, N20.01 trillion and a decrease of 16.88 per cent compared to the value recorded in Q3, 2025, N22.81 trillion. Analysis shows that crude oil remained Nigeria’s major exported commodity in the fourth quarter of 2025 with a value of N9.70 trillion, representing 51.17 per cent of total exports, despite a sharp 29.60 per cent decrease from the N13.78 trillion recorded in Q4 2024, and a 24.24 per cent drop from Q3 2025.
The report shows that the value of 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 cent of total exports.
The value of total imports stood at N17.25 trillion during the period, representing a 3.98 per cent increase from the value recorded in the corresponding quarter of 2024 which was N16.59 trillion and a 1.73 per cent increase compared to the value recorded in Q3, 2025, N16.96 trillion.
The report shows that during the period, Nigeria imported raw material goods value at N2.35 trillion, representing a 11.50 per cent increase from N2.11 trillion in Q4 2024, and a 16.59 per cent increase compared to N2.02 trillion in the preceding quarter, Q3 2025.
It also imported solid mineral valued at N140.99 billion, representing a 26.12 per cent increase from N111.79 billion, and 86.77 per cent increase compared to N75.49 billion recorded in Q3 2025.
The value of imported manufactured goods, according to NBS, stood at N8.80 trillion, reflecting a 3.89 per cent increase from N8.47 trillion, and a 13.31 per cent increase from N7.77 trillion recorded in Q3 2025.
It said the value of other oil products imported in Q4 2025 stood at N4.02 trillion, reflecting a 16.38 per cent decrease from N4.81 trillion in Q4 2024 and a 11.95 per cent increase from N3.59 trillion recorded in Q3 2025.
Analysis of Nigeria’s import trade reveals that China continues to dominate in the fourth quarter of 2025, followed by the United States of America, The Netherlands, India and Brazil. The most traded commodities imported during the quarter were Motor spirit ordinary, Durum wheat, Petroleum oils and oils obtained from bituminous minerals crude, Cane sugar meant for sugar refinery, and Used Vehicles, with diesel or semi diesel engine.
On the export side, the report said Nigeria’s top five trading export partners in Q4 2025 were The Netherlands, India, Spain, France and Canada. The most exported commodities were crude oil, natural gas, Kerosine type jet fuel, other petroleum gases in a gaseous state, and Urea, whether or not in aqueous solution.
The report said that agricultural goods exported during the period amounted to N1.32 trillion representing a 14.11 per cent decline from N1.54 trillion in Q4 2024 and a 68.20 per cent increase from N786.62 billion in Q3, 2025.
During the same period, the value of raw material exports stood at N1.19 trillion, representing a rise of 77.69 per cent from N671.12 billion in Q4 2024 and a 14.70 per cent increase from N1.01 in Q3, 2025.
Solid mineral exports in Q4 2025 were valued at N116.84 billion; representing a 92.48 per cent increase from N60.70 billion in Q4 2024 as well as an increase of 15.90 per cent from N100.81 billion in Q3, 2025.
For manufactured goods, the NBS reports that Nigeria exported goods valued at N423.43 billion in Q4 2025, reflecting a 14.32 per cent decrease from N494.22 billion in Q4 2024 and a decrease of 56.73 per cent from N978.53 billion in Q3, 2025.