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Nigeria recorded a trade surplus of N6.69tn in the third quarter of 2025, marking another period of positive growth for the country’s external trade performance. The surplus reflects a 27.29 per cent year-on-year rise compared to the N5.26tn recorded in the same quarter of 2024, although it represents a slight decline from the N7.46tn posted in the second quarter of 2025. Many stakeholders say the consistent growth is a direct outcome of ongoing economic and foreign exchange reforms.
The National Bureau of Statistics released new data showing that Nigeria’s total exports in Q3 2025 stood at N22.81tn, while total imports amounted to N16.12tn. Economists who spoke to the source explained that the policy changes in the foreign exchange market, trade liberalisation, and currency adjustments have made Nigerian products more competitive in global markets.
The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the FX reforms boosted export performance. According to him, the liberalisation of the foreign exchange market has made it easier for exporters to access and repatriate export proceeds. He added that the depreciation of the naira has played an important role in making Nigerian goods more attractive internationally. Yusuf noted that a weaker currency usually encourages exports because it makes locally produced goods cheaper for foreign buyers.
He further explained that imports slowed down during the period because the weaker naira made foreign goods more expensive. “Once depreciation happens, imports become costlier, and people will only import when they have no other option. Local products with high domestic content become more competitive,” he said. Yusuf added that more companies were now adopting backward integration because sourcing local materials had become cheaper and more sustainable than importing.
Despite challenges such as insecurity, logistics problems, and recent policy changes like the 30 per cent local value-addition rule for shea exports, Yusuf stressed that the country’s trade and payment positions were still improving. He described the reforms as essential steps that continue to push Nigeria toward a stronger and more export-driven economy.
The former President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, also said the latest trade figures matched market expectations. He pointed out that non-oil exports were growing steadily due to increased investment in value addition and processing. Idahosa said the decline in crude oil exports was normal because more crude is now being refined locally, especially with renewed efforts to supply refineries directly in naira. He added that the trend emphasised the need to expand non-oil exports.
Idahosa also explained that exchange rate unification was beginning to yield the intended effects, saying that countries often use currency devaluation to promote exports. According to him, Nigeria must continue to build an export-driven economy to strengthen the naira and support long-term economic stability.
The NBS report showed that agricultural imports rose to N1.10tn, a 25.03 per cent increase from Q3 2024. However, it was a 6.87 per cent drop from Q2 2025. Raw material imports increased by 27.70 per cent year-on-year to N2.02tn, while manufactured goods imports stood at N7.77tn. On the export side, crude oil remained the dominant product at N12.81tn. Other petroleum gases and manufactured goods followed closely. Agricultural exports declined by 11.69 per cent to N786.62bn, but raw material exports rose sharply by 136.38 per cent to N1.04tn.
India, Spain, France, the Netherlands, and Italy remained Nigeria’s top export destinations in the period under review. Stakeholders observed that although some sectors recorded declines, the overall trade pattern showed that Nigeria was gradually shifting toward the government’s target of boosting production, enhancing local value addition, and reducing its dependence on imports.
Dr Yusuf encouraged the government to maintain policy consistency to protect the progress made so far. He stressed that continuity was necessary for investors to remain confident in the economy, saying, “Consistency in policy is what guarantees continuity. The reform has come to stay.”
Many analysts believe that if Nigeria continues on this path, the country could see even stronger trade performance in 2026, especially as more sectors adjust to the new policy environment and export-focused investments continue to grow.
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