Nigeria recorded a significant rise in its trade surplus in January 2025, hitting $2.2 billion—a 107.5% increase from $1.06 billion in December 2024. This was revealed in the Central Bank of Nigeria’s (CBN) latest Monthly Economic Report.
According to the apex bank, the sharp rise in trade surplus was fueled by increased export receipts and a slight uptick in import value. “Trade activities in the review period resulted in a higher trade surplus,” the CBN stated.
Export earnings surged by 29.09% to $5.37 billion in January, up from $4.16 billion in December. The boost was driven by gains in both oil and non-oil exports. Crude oil and gas exports saw a marked increase, with receipts climbing to $4.80 billion from $3.62 billion the previous month.
The CBN attributed the rise to stronger global oil prices and increased domestic crude production. Crude oil prices averaged $80.76 per barrel, up from $74.72 in December, while Nigeria’s oil output rose to 1.54 million barrels per day, up from 1.48 million.
Disaggregated figures show crude oil export receipts rose to $3.86 billion from $2.68 billion, while gas exports inched up to $0.95 billion from $0.94 billion.
Non-oil exports also posted growth, rising to $0.56 billion from $0.54 billion. The CBN credited this to agricultural commodity exports, supported by government initiatives such as “Export 35 Redefined” and “Go Global, Go for Certification.”
On the import side, Nigeria’s total merchandise import bill rose modestly by 2.26% to $3.17 billion in January, from $3.10 billion the previous month. This increase was largely due to higher imports of non-oil goods, particularly raw materials for the industrial sector.
Specifically, non-oil imports climbed to $2.37 billion from $2.26 billion, as manufacturers replenished inventory after the festive season. In contrast, petroleum product imports dipped by 3.61%, falling to $0.8 billion from $0.83 billion.
The data reflects a positive outlook for Nigeria’s external trade balance, amid ongoing policy efforts to boost export diversification and industrial output.
