FG Spent N1.1trn on Agric Imports as Foreign Trade Reaches N38.8trn

Nigeria’s trade with foreign countries increased to N38.93trn in Q3, 2025, foreign trade report by the National Bureau of Statistics (NBS) has stated.

The report said the figure represents an increase of 8.71 percent over the value of N35.81trn recorded in the corresponding period of 2024 and an increase by 2.36 percent compared to the value recorded in the preceding quarter (N38trn).

It added that in the quarter under review, exports accounted for 58.59 percent of total trade with a value of N22.81trn, showing an increase of 11.08 percent over the value recorded in the corresponding quarter of 2024 (N20.53trn) and by 0.28 percent compared to the value recorded in Q2, 2025 (N22.75trn).

“Analysis shows that crude oil remained Nigeria’s major exported commodity in the third quarter of 2025 with a value of N12.8trn representing 56.14 percent of total exports. A further breakdown reveals that the value of non-crude oil exports stood at N10trn accounting for 43.86 percent of total exports; of which non-oil products contributed N2.99trn or 13.14 percent of total exports,” it said.

On the other hand, Nigeria imported N16.12trn, representing a 5.51 percent increase from the value recorded in the corresponding quarter of 2024 (N15.28trn) and a 5.47 percent increase compared to the value recorded in Q2, 2025 (N15.28trn).

“Analysis of Nigeria’s import trade reveals that China continues to dominate in the third quarter of 2025, followed by the United States of America, India, the United Arab Emirates and Belgium. The most traded commodities imported during the quarter were Petroleum oils and oils obtained from bituminous minerals crude, Gas oil, Motor spirit ordinary, Durum wheat, Cane sugar meant for sugar refinery,” the report added.

It said the value of agricultural goods imported in Q3 2025 stood at N1.11trn, representing a 25.03 percent increase compared to N882.24bn recorded in Q3 2024, and a 6.87 percent decrease relative to N1.18trn recorded in Q2 2025.

According to the report, in the same period, the import value of raw material goods was N2trn, representing a 27.70 percent increase from N1.5trn, and a 17.32 percent increase compared to N1.71trn in the preceding quarter (Q2 2025).

In the third quarter of 2025, solid mineral imports were valued at N75.49bn, representing a 18.82 per cent decrease from N92.99bn, and a 6.50 percent increase compared to N70.88bn.