Nigeria’s exports of agricultural goods in the first quarter of 2025 amounted to ₦1.7 billion, representing about 65 per cent rise from ₦1.035 billion in Q1 2024 and a 10.63 per cent increase from ₦1.540 billion in the fourth quarter of 2024.
Exports data culled from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report for Q1 2025, also noted that the country’s total exports in the period under review were valued at about ₦20.6 billion, reflecting a 7.42 per cent rise compared to ₦19.176 billion in the corresponding quarter of 2024 and a 2.92 per cent increase compared to ₦20.014 billion in Q4, 2024.
The top five trading export partners were India, the Netherlands, United States, France, and Spain, with the most exported commodities being crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and standard quality Cocoa beans.
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Further analysis of the report showed that raw material exports in Q1 2025 stood at ₦1.044 billion, representing a rise of 196.12 per cent from ₦352.75 billion in Q1 2024, and 55.65 per cent from ₦671.12 billion in Q4, 2024, signalling a rise in foreign countries’ appetites for the country’s raw materials.
Solid mineral exports in Q1 2025 were valued at ₦58.87 billion; this shows a 7.17 per cent decrease from ₦63.41 billion in Q1 2024 and also a decrease of 3.03 per cent from ₦60.70 billion in Q4 2024.
The value of manufactured goods exports in Q1 2025 was ₦294.43 billion, reflecting a 9.58 per cent increase from ₦268.70 billion in Q1 2024 and a decrease of 40.43 per cent from ₦494.22 billion in Q4 2024.
Revealing low crude oil production as a result of low local challenges, crude oil exports in Q1 2025 were valued at ₦12.955 billion; down by 16.35 per cent from about ₦15.5 billion in Q1 2024 and by 6.01 per cent from ₦13.8 billion in Q4, 2024.
Other oil product exports in Q1 2025 stood at ₦4.475 billion, showing an increase of 134.24 per cent increase from ₦1.910 billion in Q1 2024 and as well as increase of 32.07% increase from ₦3,388.80 billion in Q4, 2024.
Total Exports accounted for 57.18% of total trade in the first quarter of 2025.
Exports by section revealed that Nigeria exported mainly ‘mineral products’ valued at ₦17.555 billion, or 85.23 per cent of the total export value, this was followed by exports of ‘Prepared foodstuffs: beverages, spirits, and vinegar; tobacco’ worth ₦1.429 billion or 6.94 per cent of total exports and ‘Products of the chemical and allied industries’ with ₦869.50 billion or 4.22 per cent of the value of total exports.
Exports Trade by Region shows that Nigeria exported goods mainly to Europe with goods valued at ₦8.642 billion or 41.96 per cent of total exports, followed by exports to Asia valued at ₦6.753 billion or 32.79 per cent of total exports, while exports to America were valued at ₦3,329.45 billion representing 16.16 per cent of total exports.
Exports to Africa stood at ₦1.854 billion or 9.0 per cent of the total exports; out of which, goods exported to ECOWAS countries were valued at ₦1.067 billion or 57.58 per cent of the total exports to Africa.
Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was India with a value of ₦2.841 billion or 13.80 per cent of total exports, followed by exports to The Netherlands with ₦2.258 billion or 10.96 per cent of total exports, The United States with ₦1.543 billion or 7.49 per cent of total export, France with ₦1.443 billion or 7.01 per cent of total exports, and exports to Spain with goods valued at ₦1.440 billion representing 6.99 per cent of total exports.
These five countries collectively accounted for 46.25 per cent of the value of total exports in Q1, 2025.
African Trade
In Q1, 2025, the value of exports to African countries stood at ₦1.853 billion, while imports amounted to ₦766.82 billion.
Nigeria’s exports to Africa were mainly to South Africa with ₦708.69 billion, Ivory Coast with goods valued at ₦428.56 billion, Senegal Republic with ₦346.26 billion, Togo with ₦134.80 billion, and Ghana with ₦122.07 billion, altogether representing 93.91 per cent of exports to Africa.
On the other hand, Nigeria’s major import partners in Q1 2025 within Africa were Angola with ₦224.39 billion, Togo with goods valued at ₦132.31 billion, and South Africa with ₦125.38 billion. Other import origins are Algeria with ₦124.39 billion and Egypt with ₦90.21 billion.
Analysis by commodities showed that the main commodities exported to African countries in the quarter under review were ‘Petroleum oils and oils obtained from bituminous minerals’ valued at ₦1.487 billion, accounting for 80.25 per cent of total exports to Africa, ‘Light fuel oil’ with ₦66.32 billion or 3.58 per cent, ‘Electrical energy with ₦65.65 billion or 3.54 per cent.
The top five products accounted for 90.21% of total exports to Africa.
