Nigeria’s trade with other African countries grew by N610bn in the first half of 2025, with fresh figures from the National Bureau of Statistics showing that total trade rose to N4.82tn compared with N4.21tn recorded in the same period of 2024.

The latest numbers highlight both the resilience of regional trade and the distortions created by the weakening naira.

The quarterly trend revealed contrasting movements. In the first quarter of 2025, trade fell slightly to N1.86tn from N2.24tn in Q1 2024.

However, the second quarter delivered a sharp rebound, with trade climbing to N2.97tn against N1.98tn in Q2 2024.

This near N1tn jump in the second quarter was the decisive factor behind the overall increase recorded in the half-year period.

Exports accounted for most of the growth. Nigeria exported goods worth N4.82tn in the first six months of 2025, compared with N4.21tn in the same period of 2024.

The expansion was particularly evident in Q2 2025 when exports rose to N2.97tn, up from N1.97tn in the second quarter of 2024.

Imports also grew but at a slower pace, reaching N1.82tn in the first half of 2025 from N1.13tn a year earlier.

The figures showed that Nigeria remained a net exporter to Africa. The country recorded a trade surplus of N2.99tn in H1 2025, only slightly lower than the N3.08tn surplus recorded in H1 2024.

The surplus narrowed in Q1 2025 when Nigeria’s import bill surged to N1.00tn, more than double the N401.8bn recorded in Q1 2024, while exports dropped slightly to N1.85tn from N2.24tn in the same quarter of 2024.

This reduced the surplus to N852.8bn compared with N1.83tn a year earlier. In Q2 2025, the trade balance widened again to N2.15tn as exports accelerated more strongly than imports.

The detailed breakdown further confirmed the changing trade structure. Total exports in H1 2025 amounted to N4.82tn, up by N610bn from N4.21tn in H1 2024, while imports increased to N1.82tn from N1.13tn within the same period.

Although imports are still lower than exports, the sharp rise indicates that regional suppliers are beginning to reclaim ground lost in the years of import compression triggered by foreign exchange shortages and policy restrictions.

When expressed in dollar terms, however, Nigeria’s trade performance looks far less impressive.


Total trade with Africa amounted to $3.13bn in the first half of 2025, only modestly higher than the $2.89bn recorded in the first half of 2024, but still well below the $4.51bn achieved in 2019 before the pandemic disrupted flows.

Exports were valued at $1.95bn in H1 2025 compared with $1.76bn in 2024, while imports stood at $1.19bn, slightly above the $1.13bn recorded the previous year.

In 2019, however, exports had reached $4.93bn and imports $2.89bn, highlighting how hard-currency trade volumes remain far below pre-pandemic benchmarks.

The discrepancy between naira and dollar figures reflects the steep depreciation of the currency over the past six years.

In 2019, N1.38tn in African trade equalled $4.51bn at an average exchange rate of N306.73 to the dollar

By 2025, however, N4.82tn in trade was worth only $3.13bn at an exchange rate of N1,538.50 to the dollar.

This 80 per cent depreciation means that trade values in naira appear inflated, even when real volumes and hard-currency receipts are weaker.


Despite the distortions, Nigeria’s position as a net exporter within Africa remains intact. The country’s export base, particularly crude oil and related products, continues to dominate its trade with African partners.

The surge in intra-African trade comes at a time when Nigeria faces intensifying friction with the U.S.

The PUNCH earlier reported that the United States cut its imports of Nigerian goods by more than 40 per cent in just one month, heightening concerns about the fragile nature of Nigeria’s trade relationship with one of its most strategic partners.

Figures from the US Census Bureau and Bureau of Economic Analysis showed that imports of Nigerian goods dropped from $639m in June 2025 to $379m in July, a 41 per cent decline.

The collapse in imports coincided with a sharp fall in US exports to Nigeria during the same month, from $919m in June to $584m in July. Despite the dip in exports, Washington still recorded a surplus of $206m in July compared with $280m in June.

Between January and July 2025, America exported goods worth $3.92bn to Nigeria while importing $3.14bn in return, leaving the US with a year-to-date surplus of $781m. But July’s steep contraction in Nigerian exports underlines a significant weakening in Nigeria’s traditional surplus position and its broader access to the American market.

In late July, Trump signed an executive order raising tariffs on Nigerian exports from 14 per cent in April to 15 per cent, under his “reciprocal” tariff regime targeting countries that run surpluses against the US Although crude oil, the backbone of Nigeria’s exports, has been exempted in some instances, uncertainty over tariff implementation has dampened US import demand, especially for non-oil goods that are now directly affected by higher duties.

For Washington, the move is part of a broader recalibration of trade policy designed to shield domestic industries and reduce global trade imbalances.

But for Nigeria, the immediate outcome is shrinking access to a key market and erosion of its once-comfortable surplus with the US.

Nigeria is also grappling with the impending expiration of AGOA (African Growth and Opportunity Act), a trade scheme under which many African exports accessed U.S. markets tariff-free.

The lapse of AGOA raises new uncertainty for export sectors such as textiles and agriculture that had depended on U.S. access.

However, as U.S. demand for Nigerian exports falters, Nigerian traders and policymakers appear to be pivoting more decisively toward African markets.

Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, earlier said the country would not be stampeded into retaliatory action but would continue on its path of reform and diversification.

“Nigeria remains responsive; we’re not reacting. We’re focused on the eight-point agenda of President Bola Tinubu. We will continue to support domestic investors and expand market access for Nigerian businesses,” Oduwole said.

She noted that while the United States remains an important trade partner, Nigeria is strengthening its African Continental Free Trade Area strategy and boosting non-oil exports.