Nigeria’s $4 Billion Trade Surplus Strengthens Path to Inclusive Growth and Community Development

Nigeria’s economy is showing renewed stability, with official figures revealing a trade surplus of more than $4 billion in the first quarter of 2025. The Minister of Finance and Coordinating Minister of the Economy announced the development in Abuja, describing the outlook as one of “renewed stability, growing investor confidence, and accelerating momentum across key sectors.”

According to him, exports rose by 9.8% in Q1 2025, while foreign reserves climbed close to $40 billion by July. The naira has also seen relative stability in recent months. However, the minister stressed that these gains must translate into improved livelihoods for citizens through job creation, higher incomes, and better public services. He emphasised the need to deepen ongoing reforms to keep the economy competitive and inclusive.

Despite the positive trade balance, oil revenues underperformed in the first half of the year. With a budget benchmark of $75 per barrel, crude sold for an average of $67, while daily production averaged 1.67 million barrels—falling short of the 2.06 million barrels per day target. Nigeria, however, maintained OPEC quota compliance and prioritised spending on sectors directly impacting citizens to cushion the shortfall.

On fiscal reforms, the minister highlighted efforts to restore discipline in public finances, including halting the unauthorised use of Ways and Means advances from the Central Bank. As a result, Nigeria’s debt-to-GDP ratio dropped to 38.8% from 52.1%, creating fiscal space to clear significant outstanding obligations.

Fresh data from the National Bureau of Statistics (NBS) shows total exports reaching ₦20.60 trillion in Q1 2025, a 7.42% rise from ₦19.18 trillion in Q1 2024 and a 2.92% increase compared to ₦20.01 trillion in Q4 2024. Imports stood at ₦15.43 trillion—up 4.59% year-on-year but down 7.02% from the previous quarter.

The minister reaffirmed that the administration’s economic strategy is anchored on creating a resilient, investor-friendly environment while maintaining fiscal stability. He noted that sustaining current progress will depend on addressing structural weaknesses, boosting productivity in non-oil sectors, and ensuring that macroeconomic gains are felt at household and business levels nationwide.