Nigeria recorded a trade surplus of N6.69tn in the third quarter of 2025, at a 27.29 per cent growth rate, continuing a trend of trade surpluses, according to latest data of foreign trade from Nigeria’s National Bureau of Statistics (NBS).
Stakeholders attribute the consistent positive performance to the economic reforms in the foreign exchange market.
The data showed that total exports in Q3 2025 stood at N22.81tn, while imports amounted to N16.12tn, resulting in a surplus of N6.69tn.
The figure represents a 27.29 per cent year-on-year rise, compared to the N5.26tn surplus recorded in Q3 2024.
However, it reflects a 10.36 per cent decline from the N7.46tn surplus posted in Q2 2025.
Some economists and private-sector groups explained to that the Q3 2025 foreign trade figures showed that reforms in the FX market, trade liberalisation, and currency adjustments have boosted export competitiveness and encouraged backward integration.
Speaking on the development, the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, stated that the reforms of the government had significantly strengthened Nigeria’s export position.
“The current economic reforms have resulted in a situation where export performance has been increasing because of the reform in the foreign exchange market, the liberalisation of the market, the ease with which export proceeds can come in, and the fact that the depreciation in the currency has made our export sector more attractive and more competitive,” Yusuf said.
He added that the policy environment had also slowed imports. “Once you experience depreciation, imports become more expensive and less attractive. People will now import only if they don’t have a choice. Local products, especially those with high local content, are generally more competitive,” he stated.
Yusuf explained that the FX reforms had pushed firms into backward integration, saying, “We are seeing more backward integration now than before because it is cheaper to use local resources than to bring in resources from outside the country.”
Although some short-term shocks, including insecurity, logistics challenges and the recent 30 per cent local value-addition policy for shea exports, had affected certain sectors, he stressed that Nigeria remained on course. “Our balance of trade and balance of payment situation has improved as a result of the reform,” he added.
GIK/APA