By Abiodun Abdullai
Nigeria recorded a trade surplus of N12.64 trillion in the first half of 2025, a development analysts say could create fresh opportunities for small businesses engaged in exports and supply chains.
The National Bureau of Statistics (NBS), in its latest report, disclosed that total trade between January and June stood at N74.06 trillion. Exports were valued at N43.35 trillion while imports amounted to N30.71 trillion.
The surplus was largely driven by a strong second quarter, which delivered N7.46 trillion, the highest in nearly three years. Trade in the quarter rose to N38.03 trillion, up 20 per cent compared to the same period last year.
While crude oil remained dominant with N11.97 trillion in earnings, non-oil exports showed resilience. Manufactured goods exports rose sharply by 173 per cent to N803.8 billion, while agricultural produce contributed N1.26 trillion, led by cashew nuts and cocoa beans shipped to Vietnam, India and the Netherlands. Raw material exports, including urea sales to Brazil and gold to Switzerland, added N819.7 billion.
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Spain emerged as Nigeria's top export destination in the second quarter with N2.47 trillion worth of purchases, followed by India, France, the Netherlands and Canada. On the import side, China maintained its lead with N4.96 trillion, ahead of the United States, India, the Netherlands and the United Arab Emirates.
Intra-African trade remained significant, with Nigeria exporting N2.97 trillion worth of goods within the continent and importing N821.4 billion. Exports within West Africa reached N1.97 trillion, more than four times the imports at N396 billion.
For SMEs, particularly those in agriculture, manufacturing and raw materials, the figures highlight expanding opportunities in export markets. Analysts note that despite foreign exchange volatility and rising import costs, demand for Nigerian products in Europe, Asia and Africa continues to grow.
Ports also remained central to trade flows. Apapa Port handled N17.9 trillion in exports and nearly N7 trillion in imports, followed by Lekki and Tin Can Island ports.
Economic watchers say the performance signals the resilience of Nigeria's external sector. They argue that if supported with the right financing and trade policies, SMEs can take advantage of the momentum to scale production and enter new markets.
