Higher import bills and weaker crude oil earnings narrow monthly surplus to $1.39bn…
Nigeria’s monthly trade surplus dropped sharply by 35 per cent in July, sliding to $1.39 billion from $2.14 billion in June, as rising imports and lower crude oil earnings weighed on overall trade performance.
The figures were contained in the Central Bank of Nigeria’s (CBN) July 2025 Monthly Economic Report, which showed that while total exports declined slightly by 0.8 per cent, imports jumped by a significant 25.09 per cent during the month.
According to the report, “the trade surplus narrowed to $1.39 billion… reflecting both marginal decline in export performance and higher import bills.”
Exports Slip on Softer Oil Prices
Export receipts fell to $4.93 billion, driven primarily by reduced earnings from crude oil and refined petroleum products. The CBN noted that crude oil, gas, and refined products made up 84.88 per cent of total export proceeds, with non-oil exports accounting for the remaining share.
The report showed that combined export earnings from crude oil, gas, and refined petroleum moderated to $4.18 billion, down from $4.29 billion in June, as global crude prices softened amid elevated inventories and strong supply.
A breakdown revealed:
- Crude oil receipts dropped to $2.55 billion, from $2.74 billion in June.
- Refined petroleum product exports fell sharply to $0.53 billion, down from $0.95 billion.
- Gas exports, however, increased to $1.10 billion, buoyed by stronger international prices as colder-than-normal temperatures in Europe boosted demand for heating.
Non-oil exports also improved, rising to $0.75 billion from $0.68 billion, largely due to higher earnings from mineral products.
Imports Surge Across Oil and Non-Oil Segments
Merchandise imports jumped to $3.54 billion, a steep rise from $2.83 billion in the previous month. Both oil and non-oil imports contributed to the increase.
- Non-oil imports climbed 23.30 per cent to $2.64 billion, from $2.14 billion.
- Petroleum product imports surged to $0.90 billion, compared to $0.69 billion in June.
The upsurge in imports, combined with weaker crude receipts, ultimately constricted Nigeria’s trade surplus for the month.
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