Nigeria's foreign trade has experienced a significant surge

Started by BOSMANBUSINESSWORLD, 2025-09-13 07:08

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BOSMANBUSINESSWORLD
2025-09-13 07:08
Nigeria's foreign trade has experienced a significant surge, with the country's trade surplus increasing by 44.31% in the second quarter of 2025. According to the National Bureau of Statistics (NBS), the trade surplus reached a substantial ₦7,463.96 billion. This remarkable growth can be attributed to the notable expansion of the country's total merchandise trade, which rose to ₦38,037.52 billion. This figure represents a 20.05% increase from the second quarter of 2024 and a 5.59% rise from the first quarter of 2025.
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A closer examination of the trade data reveals that exports played a crucial role in driving this growth, accounting for 59.81% of total trade. The value of exports grew by 28.43% to reach ₦22,750.74 billion, with crude oil dominating the export landscape. Crude oil exports contributed a substantial ₦11,965.98 billion, representing 52.60% of total exports. Non-crude oil exports also experienced significant growth, reaching ₦10,784.76 billion, with non-oil products accounting for ₦3,045.55 billion or 13.39% of total exports.

On the other hand, imports accounted for 40.19% of trade, totaling ₦15,286.78 billion. Although this figure represents a 9.43% increase from the second quarter of 2024, it slightly decreased by 0.90% from the first quarter of 2025. This slight decline in imports may be an indication of the country's efforts to promote domestic production and reduce reliance on foreign goods.

The impressive trade performance highlights Nigeria's growing position in global markets. The substantial increases in both oil and non-oil exports demonstrate the country's potential for economic growth and diversification. As Nigeria continues to navigate the complexities of international trade, it is essential to build on this momentum by implementing policies that support the development of non-oil exports and promote economic diversification. By doing so, Nigeria can solidify its position as a major player in global trade and drive sustainable economic growth.

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