Nigeria’s merchandise trade expanded to ₦38.9 trillion in the third quarter (Q3) as trade activity surged amid a gradual strengthening of economic momentum during the period.
The latest trade figure underscores increased movement across both imports and exports, supported by higher commodity flows, improved port activity, and more stable foreign exchange conditions compared with earlier periods.
Export performance remained a key driver, benefiting from firmer global demand for energy products and selected non-oil goods.
Trade data for the quarter also point to growing participation by the private sector, particularly in manufacturing-linked exports and re-export activities.
Analysts note that better logistics coordination and incremental improvements in trade facilitation contributed to the higher trade value recorded during the quarter.
On the import side, demand for industrial inputs, machinery, and refined products remained elevated, reflecting ongoing economic activity and infrastructure-related spending.
However, the pace of import growth was partly moderated by cost considerations and tighter financial conditions.
The ₦38.9 trillion trade figure provides further evidence of Nigeria’s ongoing economic adjustment, following policy shifts aimed at improving external balances and encouraging export diversification.
Authorities have continued to emphasise trade as a critical channel for growth, job creation, and foreign exchange generation.
Economists caution that sustaining trade expansion will depend on structural improvements, including port efficiency, energy supply stability, and security conditions affecting production and transportation. Exchange rate stability and access to trade finance are also viewed as critical to maintaining momentum.
Overall, the Q3 2025 trade outcome signals resilience in Nigeria’s external sector, with merchandise trade remaining a key pillar of economic activity as the country works toward broader recovery and long-term growth objectives.
