Nigeria’s commercial exchange with other African nations expanded by N610 billion in the first half of 2025, according to new data from the National Bureau of Statistics (NBS). Total trade rose to N4.82 trillion, compared with N4.21 trillion during the same period in 2024,signaling stronger regional integration despite currency pressures.
The data showed contrasting quarterly movements. Trade volume slipped slightly in the first quarter of 2025, falling to N1.86 trillion from N2.24 trillion recorded in Q1 2024. However, activity rebounded sharply in the second quarter, with total trade reaching N2.97 trillion,up from N1.98 trillion a year earlier. The near one-trillion-naira leap in Q2 offset earlier weakness, driving overall half-year growth.
Exports were the main catalyst for the expansion. Nigeria’s exports to African markets climbed to N4.82 trillion in H1 2025, up from N4.21 trillion in the same period of 2024. The most significant gains came in Q2, when export earnings surged to N2.97 trillion from N1.97 trillion in Q2 2024. Imports also increased, rising to N1.82 trillion from N1.13 trillion, though at a slower pace.
Nigeria maintained its position as a net exporter across the continent, posting a trade surplus of N2.99 trillion in the first half of 2025,slightly below the N3.08 trillion surplus recorded in 2024. The margin narrowed early in the year as import expenses rose to N1.00 trillion in Q1 2025, more than double the N401.8 billion of Q1 2024, while exports dipped to N1.85 trillion from N2.24 trillion. This reduced the quarterly surplus to N852.8 billion, down from N1.83 trillion a year earlier. However, stronger export performance in Q2 widened the surplus again to N2.15 trillion.
Measured in U.S. dollars, the gains appear smaller. Total trade with Africa stood at $3.13 billion in the first half of 2025,slightly higher than $2.89 billion in 2024 but far below the pre-pandemic peak of $4.51 billion in 2019. Exports were valued at $1.95 billion, up from $1.76 billion, while imports rose modestly to $1.19 billion from $1.13 billion.
The difference between naira and dollar figures reflects the sharp fall of the local currency,from an average exchange rate of N306.73 per dollar in 2019 to N1,538.50 in 2025,representing an 80 percent depreciation. Consequently, trade values appear inflated in naira terms, even as real trade volumes remain subdued.
Nonetheless, Nigeria continues to lead as a net exporter in Africa, powered mainly by crude oil and related commodities. The growth in intra-African trade comes amid increasing trade friction with the United States.
According to figures from the U.S. Census Bureau, U.S. imports of Nigerian goods plunged 41 percent between June and July 2025,from $639 million to $379 million. This sharp drop followed former U.S. President Donald Trump’s executive order in late July, which raised tariffs on Nigerian exports from 14 percent to 15 percent under his “reciprocal trade” initiative.
While crude oil exports have been partly shielded, the higher levies have affected non-oil products, dampening U.S. import demand. Between January and July 2025, the U.S. exported goods worth $3.92 billion to Nigeria while importing $3.14 billion, leaving a surplus of $781 million in Washington’s favor.
The uncertainty surrounding the renewal of the African Growth and Opportunity Act (AGOA),which grants African exports duty-free access to the U.S.,has further clouded Nigeria’s trade outlook.
In response, Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, reaffirmed the country’s focus on regional partnerships and domestic industrial growth. “Nigeria will not be pressured into reactionary measures,” she said. “We remain committed to President Bola Tinubu’s eight-point agenda, supporting local manufacturers and expanding African market access for Nigerian products through the African Continental Free Trade Area.”
