Nigeria’s total imports declined by N1.16 trillion in the first quarter of 2025 compared to the fourth quarter of 2024, signalling a slowing appetite for foreign goods amid persistent inflation, subdued consumer demand, and increasing reliance on substandard imports through smuggling routes.
The latest foreign trade report released by the National Bureau of Statistics (NBS) valued total imports at N15.43 trillion, down from N16.59 trillion in the fourth quarter 2024, representing a drop of 7.51 per cent during the period.
But the amount was 4.59 per cent higher year on year compared to first quarter of 2024 financial year.
While Nigeria recorded a positive trade balance in the first quarter 2025, the trade surplus shrank by 20.1 per cent y-o-y, falling from N6.52 trillion in first quarter 2024 to N5.17 trillion this year.
Nigeria’s total merchandise trade stood at N36.02 trillion during the quarter, recording a 6.19 per cent y-o-y rise, but a 1.58 per cent decline from N36.6 trillion in fourth quarter 2024, indicating a quarterly contraction in external trade activity.
The report showed that exports accounted for 57.18 per cent of total trade, amounting to N20.60 trillion, up 7.42 per cent from the N19.18 trillion recorded in first quarter 2024.
Crude oil continued to dominate trading for the quarter, making up 62.89 per cent of total exports standing at N12.95 trillion, while non-oil exports contributed N3.16 trillion or 15.38 per cent of the total export, underscoring Nigeria’s continued dependence on hydrocarbon revenues.
The Nigeria top import partners was China, followed by India, the United States, the Netherlands, and the UAE.
The main imported commodities were automotive gas oil, premium motor spirit (petrol), crude petroleum oils, cane sugar, and durum wheat.
On the export side, major shipments were dominated by petroleum oils, light fuel oil, electrical energy, urea, and other light oils, which collectively represented 90.21 per cent of total exports to the continent.
Nigeria’s trade data for first quarter 2025 underscores the fragile recovery of domestic consumption and the continued imbalance in trade structure, with oil exports vastly outpacing diversified, value-added exports.
Analysts believes that Nigeria’s that first quarter 2025 trade surplus signals a resilient export performance driven by strong crude oil sales and moderate growth in non-oil exports. The drop in imports suggests reduced domestic demand or improved local sourcing.