Nigeria’s export earnings soared to ₦22.8 trillion in the third quarter of 2025 (Q3 2025), driven by a massive, triple-digit surge in the export of raw materials, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).
The total figure represents an 11.08% increase over the ₦20.54 trillion recorded in the corresponding quarter of 2024. Crucially, the growth was sustained by the non-oil sector, marking a positive shift towards a diversified revenue base.3
The most striking highlight of the Q3 trade report is the extraordinary performance of the raw materials sector.
Shipments of raw materials recorded a year-on-year growth of 136% in value, indicating a strong rebound in the global demand for Nigeria’s industrial inputs, fueled by currency depreciation which makes Nigerian exports cheaper in dollar terms.
Overall, Nigeria recorded a robust trade surplus of ₦6.69 trillion in Q3 2025.5 This, however, represented a slight decrease of 10.36% compared to the record surplus posted in the preceding quarter (Q2 2025), largely due to a rise in the cost of imports.
While non-oil segments are growing, crude oil remains the primary component of Nigeria’s exports:7
| Export Category | Value (₦ Trillion) | % of Total Exports | Key Highlights |
| Crude Oil | ₦12.81 | 56.14% | Remains the dominant export commodity. |
| Non-Crude Oil | ₦10.01 | 43.86% | Shows strong and sustained growth. |
| Non-Oil Products | ₦2.99 | 13.14% | A specific sub-set of the non-crude category. |
| Agricultural Products | ₦0.79 | 3.44% | Recorded a modest growth of 11.69% |
Source: National Bureau of Statistics (NBS)
The raw materials surge, while impressive, masks a critical factor: the Naira’s devaluation accounts for a significant portion of the increase in Naira value. However, the consistent growth in the non-oil sector is the real indicator of structural change.
Non-crude oil exports reached a significant ₦10.01 trillion, accounting for nearly 44% of total exports. This continuous expansion reduces the nation’s traditional over-reliance on volatile crude oil prices.
The data also highlighted Nigeria’s changing export destinations. India remained the top destination for Nigerian exports, followed by Spain, France, the Netherlands, and Italy, underscoring the shift in commercial focus away from traditional Western partners.
Total imports for the period stood at ₦16.12 trillion, showing a 5.47% increase from the previous quarter. This rising import bill continues to offset the export gains, underscoring the need to boost local manufacturing to reduce import dependency.
The Q3 2025 figures underscore that Nigeria’s trade balance remains strong, providing necessary foreign exchange liquidity, but the challenge remains translating this export momentum into lower inflation and a stronger currency.
