Nigeria’s trade surplus fell sharply by 35 percent in the latest monthly report, declining to $1.39 billion. The drop reflects weaker export earnings and rising import costs, highlighting ongoing challenges in the country’s trade balance and economic recovery.
Analysts said the decline was partly due to lower crude oil revenues, which remain a key driver of Nigeria’s foreign exchange earnings. Non-oil exports also struggled to gain traction, while imports continued to rise as domestic demand for foreign goods remained strong.
The development has raised concerns among economists about the sustainability of Nigeria’s current trade performance, given the country’s dependence on oil exports and limited diversification of the economy.
Despite the slump, the Central Bank of Nigeria and other economic stakeholders emphasised the need for policies that promote local production, boost non-oil exports, and reduce unnecessary imports. They argued that addressing these issues is critical to improving the trade balance and supporting the country’s foreign reserves.
Government officials have reiterated their commitment to implementing measures that strengthen industrial capacity, encourage exports, and ensure macroeconomic stability amid global economic pressures. The trade data underscores the importance of sustained reforms to enhance Nigeria’s economic resilience in the face of fluctuating commodity prices and rising import demand.
