AKINWALE ABOLUWADE
Nigeria’s trade with other African countries surged by N610 billion in the first half of 2025, reaching N4.82 trillion compared to N4.21 trillion recorded in the same period of 2024, according to new data from the National Bureau of Statistics (NBS).
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The figures reflect the resilience of regional commerce amid economic headwinds, although the weakening naira continues to distort trade values when measured in dollar terms.
Quarterly data showed contrasting trends. In the first quarter of 2025, trade volumes dipped slightly to N1.86 trillion from N2.24 trillion in Q1 2024. However, the second quarter recorded a strong rebound, climbing to N2.97 trillion from N1.98 trillion in Q2 2024 — a near N1 trillion jump that drove the half-year increase.
Exports accounted for most of the growth, rising to N4.82 trillion in H1 2025 from N4.21 trillion in the same period last year. The surge was particularly pronounced in Q2 2025, when exports climbed to N2.97 trillion from N1.97 trillion in Q2 2024.
Imports also rose but at a slower pace, reaching N1.82 trillion in H1 2025, up from N1.13 trillion a year earlier.
Despite the uptick in imports, Nigeria remained a net exporter to Africa, posting a trade surplus of N2.99 trillion in the first half of 2025 — only marginally lower than the N3.08 trillion surplus recorded in the same period of 2024.
The trade balance narrowed in Q1 2025 as imports more than doubled to N1.00 trillion from N401.8 billion in Q1 2024, while exports declined to N1.85 trillion from N2.24 trillion. This reduced the quarterly surplus to N852.8 billion from N1.83 trillion.
However, the balance widened again in Q2 2025 to N2.15 trillion, driven by stronger export performance.
The detailed breakdown confirms a shifting regional trade structure. While exports remain dominant, the faster rise in imports suggests that African suppliers are gradually regaining market share after years of decline caused by foreign exchange shortages and import restrictions.
When measured in dollar terms, however, Nigeria’s trade expansion appears modest. Total trade with African partners amounted to $3.13 billion in H1 2025 — up from $2.89 billion in the same period of 2024, but still well below the pre-pandemic level of $4.51 billion recorded in 2019.
Exports were valued at $1.95 billion, compared to $1.76 billion in 2024, while imports stood at $1.19 billion, slightly above the $1.13 billion recorded a year earlier.
