Nigeria’s trade balance recorded a significant improvement over the past four years, rising from a modest surplus of about N1.21 trillion in 2022 to N5.10 trillion in 2023. The figure surged further to N16.85 trillion in 2024 and climbed to N17.78 trillion in 2025.

Quarterly data show how the surplus was built between 2024 and 2025. In the first quarter of 2024, Nigeria posted a trade surplus of about N4.42 trillion, with exports at N19.17 trillion and imports at N14.74 trillion, bringing total trade to approximately N33.92 trillion.

In the second quarter, the surplus stood at N3.74 trillion as exports reached N17.71 trillion compared to imports of N13.96 trillion. Exports accounted for nearly 61 percent of total trade during the period.

The surplus rose to N5.2 trillion in the third quarter, with exports of about N20.53 trillion and imports of N15.28 trillion. However, it declined to N3.42 trillion in the fourth quarter, despite exports increasing to N20.01 trillion and imports to N16.59 trillion, pushing total trade to about N36.6 trillion.

The positive trend continued into 2025. In the first quarter, Nigeria recorded a trade surplus of N3.95 trillion, with exports at N20.59 trillion and imports at N16.64 trillion.

In the second quarter, the surplus expanded to N6.25 trillion as exports rose to N22.75 trillion, while imports stood at N16.49 trillion.

By the third quarter, the country posted a surplus of N5.85 trillion, with exports of N22.81 trillion exceeding imports of N16.95 trillion.

In the fourth quarter, exports were valued at N18.96 trillion against imports of N17.25 trillion, resulting in a surplus of N1.71 trillion.

Overall, Nigeria’s total trade value also recorded strong growth, increasing from N52.39 trillion in 2022 to N66.83 trillion in 2023. It more than doubled to N138.03 trillion in 2024 and rose further to N152.47 trillion in 2025.

Crude oil remained the dominant contributor to export earnings throughout the period.