List of Countries Buying Nigerian Goods as Exports Hit Over N20 Trillion
- A new report from the NBS has revealed that Nigeria recorded a positive trade balance in the first quarter of 2025
- The bureau stated that Nigeria's total exports were higher than the amount of goods imported in the first 3 months
- Crude oil leads the export data in India and European countries
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has reported that Nigeria’s total trade stood at N36.02 trillion in the first quarter (Q1) of 2025.
This is a 6.19% increase compared to N33.93 trillion reported in Q1 2024. It is, however, 1.58% lower than the N36.60 trillion recorded in Q4 2024.
Source: Getty Images
Breakdown of the trade numbers for Q1, 2025
Exports accounted for 57.18% of total trade, with a value of N20.60 trillion, reflecting a 7.42% increase from N19.18 trillion in Q1 2024 and a 2.92% rise from N20.01 trillion in Q4 2024.
Crude oil remained the major product leaving Nigeria, contributing N12.96 trillion or 62.89% of the total exports in Q1, 2025.
Non-crude oil exports totalled N7.64 trillion, representing 37.11% of exports, while non-oil products contributed N3.17 trillion (15.38%).
On the other hand, imports accounted for 42.82% of total trade, with a value of N15.43 trillion.
This is a 4.59% increase over N14.75 trillion in Q1 2024, but a 7.02% decrease compared to N16.59 trillion in Q4 2024.
At the end of the quarter, Nigeria recorded a positive trade balance of N5.17 trillion, an increase of 51.07% compared to the previous quarter.
Top imports by category and origin
Major import categories in Q1 2025 were:
- Mineral fuels: N4.97 trillion
- Machinery & transport equipment: N4.06 trillion
- Chemicals & related products: N2.23 trillion
Source: Facebook
Top import regions:
- Asia: N8.77 trillion (56.87%)
- Europe: N3.26 trillion (21.14%)
- America: N2.29 trillion (14.86%)
- Africa: N1.00 trillion (6.49%)
- ECOWAS – N0.20 trillion (1.30%)
- Oceania – N0.10 trillion (0.64%)
Countries Nigeria is importing from and value in Q1
- China: N4.66 trillion
- India: N1.72 trillion
- USA: N1.42 trillion
- Netherlands: N81 billion
- UAE: N62 billion
Export destinations by region:
- Europe: N8.64 trillion (41.96%)
- Asia: N6.75 trillion (32.79%)
- America: N3.33 trillion (16.16%)
- Africa: N1.85 trillion (9.00%)
- ECOWAS: N1.07 trillion (57.58% of Africa exports)
Top 5 countries buying Nigerian goods
- India: N2.84 trillion
- Netherlands: N2.26 trillion
- USA: N1.54 trillion (7.49%)
- France: N1.44 trillion (7.01%)
- Spain: N1.44 trillion (6.99%)
Top African countries doing business with Nigeria
In Q1 2025, Nigeria exported goods worth N1.85 trillion to African countries, with the top destinations being South Africa (N0.71 trillion), Ivory Coast (N0.43 trillion), Senegal (N0.35 trillion), Togo (N0.13 trillion), and Ghana (N0.12 trillion) these five countries accounted for 93.91% of total exports to Africa.
During the same period, imports from African countries stood at N77 billion, mainly sourced from Angola (N22 billion), Togo (N13 billion), South Africa (N13 billion), Algeria (N12 billion), and Egypt (N9 million).
Nigeria’s top exports in Africa
- Petroleum oils: N1.49 trillion
- Light fuel oil: N70 billion
- Electrical energy: N70 billion
- Other light oils: N30 billion
- Urea: N30 billion
Dangote refinery imports more crude oil from US
Earlier, Legit.ng reported that Dangote Petroluem Refinery has increased its processing level and is finding it difficult to source crude locally
To close the gap and meet its production requirement, the refinery has decided to increase the import of US crude.
New data shows that Dangote refinery has sourced about one-third of its crude from the US in 2025.
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Source: Legit.ng
