Spain has overtaken India and France to emerge as Nigeria’s largest export destination in the second quarter of 2025, in what analysts describe as a major shift in the country’s external trade pattern. According to the latest figures released by the National Bureau of Statistics (NBS), Spain purchased Nigerian goods valued at ₦2.47 trillion, representing 10.85 percent of total exports recorded within the period.
India, which has traditionally been one of Nigeria’s strongest trade partners, trailed behind with ₦1.98 trillion or 8.71 percent of exports, while France accounted for ₦1.62 trillion. The Netherlands and Canada followed with ₦1.54 trillion and ₦1.43 trillion respectively. The development underscores the increasing role of Europe in Nigeria’s trade relations, as countries within the region continue to diversify their energy sources amid global uncertainties.
Nigeria’s total foreign trade for the quarter stood at ₦38.04 trillion, marking a 20.05 percent rise compared with the same period in 2024. The country recorded a trade surplus of ₦7.46 trillion, representing a 44.3 percent increase from the previous quarter. Exports were valued at ₦22.75 trillion, while imports amounted to ₦15.29 trillion.
Crude oil remained the backbone of export earnings, contributing ₦11.97 trillion or 52.6 percent of total exports. Non-crude oil exports were valued at ₦10.78 trillion, making up 47.4 percent. Despite the rise in non-oil exports, analysts warn that Nigeria’s heavy reliance on crude leaves the surplus vulnerable to global price shocks, and they argue that the concentration of exports in just a handful of countries raises concerns about long-term trade stability.
On the import side, China retained its position as Nigeria’s largest trading partner, supplying ₦4.96 trillion worth of goods, which accounted for 32.45 percent of total imports. The United States followed with ₦2.16 trillion, while India, the Netherlands, and the United Arab Emirates contributed ₦901.48 billion, ₦606.82 billion, and ₦536.09 billion respectively. The bulk of imports consisted of mineral fuels valued at ₦4.43 trillion, machinery and transport equipment at ₦4.34 trillion, and chemicals at ₦2.46 trillion, reflecting Nigeria’s continued dependence on foreign petroleum products and manufactured goods.
Trade observers note that Spain’s rise to the top of Nigeria’s export chart may not be unconnected with Europe’s renewed interest in African crude as part of efforts to diversify energy supplies away from Russia. They add that while the figures reflect a positive outlook for Nigeria’s trade balance, the country must use the opportunity to expand non-oil exports and reduce the structural vulnerabilities that continue to shape its foreign trade profile.
