Nigeria’s total imports declined by 4.59 per cent in the first quarter of 2025 compared to the last quarter of 2024, reflecting a dip in demand for foreign goods. According to the latest data from the National Bureau of Statistics (NBS), imports in Q1 stood at ₦15.43 trillion, down from ₦16.59 trillion in Q4 2024.
While imports showed a 4.59 per cent increase year-on-year, the real value fell short due to inflation hovering above 20 per cent. This suggests that in actual volume, Nigeria imported less than it did in both the previous quarter and the same period last year.
Despite the decline in imports, Nigeria maintained a positive trade balance, though it narrowed significantly. The country recorded a trade surplus of ₦5.17 trillion in Q1 2025, down 20.1 per cent from ₦6.52 trillion a year earlier. Total merchandise trade for the quarter reached ₦36.02 trillion—6.19 per cent higher than the same period in 2024, but 1.58 per cent lower than in Q4 2024.
Exports, which accounted for 57.18 per cent of total trade, were valued at ₦20.6 trillion—up 7.42 per cent from ₦19.18 trillion recorded in Q1 2024. However, the growth was driven largely by crude oil, which made up ₦12.95 trillion or 62.89 per cent of total exports. Non-crude exports contributed ₦7.64 trillion, of which only ₦3.16 trillion came from non-oil products.
The data underlines ongoing structural issues in Nigeria’s manufacturing sector. The Manufacturers Association of Nigeria (MAN) attributes the declining import and export performance to weak industrial capacity. From 1981 to 2024, manufacturing capacity utilisation dropped from 73.3 per cent to 57 per cent, while the sector’s contribution to GDP fell from 29.9 per cent to just 8.6 per cent.
Real growth in manufacturing also slowed drastically, falling from 14.7 per cent in 2014 to 1.38 per cent in the first quarter of 2025. Non-oil export contributions, once dominant at 82.37 per cent in 2019, slumped to 25.13 per cent in 2024. MAN also noted that Nigeria’s borders continue to witness an influx of smuggled and substandard goods, capturing significant market share, depressing prices, and weakening local industries.
This flood of cheap imports, combined with high inflation and low consumer spending, has led to an accumulation of unsold goods. Inventory of finished products rose sharply by 87.5 per cent to ₦2.14 trillion in 2024, highlighting the strain on manufacturers.
China remains Nigeria’s top source of imports, followed by India, the United States, The Netherlands and the United Arab Emirates. Key imports during Q1 included Automotive Gas Oil (diesel), Motor Spirit (petrol), crude petroleum oils, cane sugar for refining, and Durum wheat.On the export front, Nigeria’s key commodities to African countries were petroleum oils, light fuel oils, electrical energy, other light oils, and urea. These five products accounted for more than 90 per cent of Nigeria’s total exports to Africa.
While trade data shows some gains in export earnings, the persistent reliance on crude oil, sluggishing industrial growth, and inflationary pressure continue to weigh on Nigeria’s economic performance
