Nigeria’s export earnings rose significantly to ₦22.8 trillion in Q3 2025, a marked increase driven primarily by a 136% surge in raw material exports, according to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS).

Key Highlights:

• Overall Export Growth: Nigeria’s exports grew by 11.08% year-on-year (YoY) in Q3 2025, compared to ₦20.5 trillion in Q3 2024, and saw a slight increase of 0.28% compared to the previous quarter (Q2 2025).
• Raw Material Exports: Raw material exports led the charge, with a dramatic 136.38% YoY increase, reaching ₦1.04 trillion. This growth was a key driver of Nigeria’s overall export earnings for the quarter.
• Crude Oil: Crude oil remains Nigeria’s top export, contributing ₦12.8 trillion in Q3 2025, though this was a 4.47% decrease compared to the previous year. However, crude oil exports increased by 7.03% compared to Q2 2025.
• Agricultural Exports: Agricultural exports saw a dip to ₦786.62 billion, signaling weaker performance in this sector.
• Manufactured Goods: Manufactured goods exports also fell YoY, though there was a quarter-on-quarter (QoQ) increase.
• Solid Minerals: Solid mineral exports showed strong growth, reaching ₦100.81 billion in Q3 2025.

Top Export Partners

The top five export partners for Nigeria in Q3 2025 were:

• India
• Spain
• France
• Netherlands
• Italy

These countries collectively accounted for a substantial share of Nigeria’s outbound trade, with crude oil, natural gas, petroleum gases, and urea being the most traded commodities.

Other Key Export Commodities

In addition to crude oil, natural gas, kerosene-type jet fuel, and urea (both in aqueous solution and not) were among the other major export commodities during the quarter.

Imports Surge Due to Strong Demand

On the import side, Nigeria’s import bill surged to ₦16.12 trillion in Q3 2025, reflecting a 5.51% YoY increase and a 5.47% increase from Q2 2025. Key import sources included China, the United States, and India, with products such as petroleum oils, motor spirit, durum wheat, and cane sugar dominating import categories.

Overall Merchandise Trade

Nigeria’s total merchandise trade for Q3 2025 reached ₦38.94 trillion, marking an 8.71% increase compared to the same quarter in 2024. This is also a 2.36% increase from Q2 2025.

Looking Ahead

The continued growth in raw material exports signals a potentially strong outlook for Nigeria’s non-oil export sector. However, challenges remain, including the underperformance of agricultural exports and manufactured goods, which may need strategic policy adjustments and sector-specific interventions.