Nigeria recorded a significant boost in its external trade performance in January 2025, as the country’s trade surplus surged to $2.2 billion—more than double the $1.06 billion reported in December 2024.
The Central Bank of Nigeria (CBN), which disclosed this in its January 2025 Monthly Economic Report, attributed the sharp increase to higher earnings from both oil and non-oil exports, as well as modest growth in imports.
According to the report, total export receipts rose by 29.1%, reaching $5.37 billion, up from $4.16 billion in the previous month. The CBN noted that this was driven by a strong performance in the energy sector, particularly crude oil and gas, as well as a steady increase in agricultural exports supported by federal initiatives.
“Trade activities in the review period resulted in a higher trade surplus,” the report stated.
Oil Revenues Surge on Price and Output Gains
The value of crude oil and gas exports climbed to $4.80 billion in January, up from $3.62 billion in December 2024. This uptick was attributed to an increase in global crude prices—which averaged $80.76 per barrel, compared to $74.72 the previous month—and a rise in domestic production to 1.54 million barrels per day (mbpd) from 1.48 mbpd.
Breaking it down further, crude oil export receipts jumped to $3.86 billion, from $2.68 billion, while gas export earnings nudged slightly upward to $0.95 billion, compared to $0.94 billion in December.
Non-Oil Exports Also Rise
Non-oil exports posted modest gains, climbing to $0.56 billion from $0.54 billion in December. The CBN credited this to the government’s export-promotion programmes, including the ‘Export 35 Redefined’ strategy and the ‘Go Global, Go for Certification’ initiative. These efforts have focused on boosting Nigeria’s agricultural export capacity and improving standards compliance for global markets.
Imports Inch Up Amid Industrial Restocking
On the import side, Nigeria’s merchandise import bill increased slightly by 2.26%, rising to $3.17 billion from $3.10 billion in December 2024. The growth was largely driven by a rise in non-oil imports, particularly raw materials for the industrial sector, as local manufacturers restocked inventories following the festive season.
Imports of non-oil goods rose to $2.37 billion, from $2.26 billion, while petroleum product imports fell by 3.61%, settling at $0.80 billion compared to $0.83 billion the previous month.
Outlook
The report signals a cautiously optimistic outlook for Nigeria’s trade balance, with stronger oil earnings and sustained non-oil exports creating a positive trajectory for external reserves and economic resilience. However, global oil price volatility and domestic production challenges remain key variables to watch in the months ahead.
