Nigeria’s external trade earnings rose to $44.06bn in the first nine months of 2025, strengthening confidence in the naira and reinforcing ongoing efforts to stabilise the economy.
Figures from the Central Bank of Nigeria (CBN) Quarterly Statistics for December 2025 show that exports during the period surpassed the $40.29bn recorded in the corresponding months of 2024, marking a $3.76bn increase year-on-year.
The improvement comes as policymakers intensify reforms aimed at restoring macroeconomic stability and boosting investor confidence.
Monthly Performance
July 2025 emerged as the strongest month, with export receipts of $5.85bn, followed by May at $5.18bn. In contrast, January 2024 posted the highest monthly export value for that year at $5.04bn, while August 2024 followed at $4.68bn.
The weakest months in 2024 were September at $3.86bn and May at $4.27bn. For 2025, March recorded $4.54bn, while January posted $4.59bn.
July showed the widest monthly gap between the two years at $1.26bn, while August recorded the narrowest difference of $28.34m.
Oil Still Dominates
Industry stakeholders attribute the export growth to stronger crude oil shipments, increased petroleum product exports and gradual gains in non-oil exports.
The National Vice President of the National Association of Small-Scale Industrialists, Segun Kuti-George, described the trend as encouraging, noting that higher crude and petroleum product exports played a major role.
He added that non-oil exports also made meaningful contributions, helping to ease foreign exchange pressures and stabilise the naira.
Similarly, Dr Bamidele Ayemibo, former Chairman of the Export Group of the Lagos Chamber of Commerce and Industry, said the figures suggest that export strategies are beginning to yield results.
Ayemibo referenced recent data from the Nigerian Export Promotion Council, which reported record non-oil export earnings of $6.1bn. He, however, maintained that Nigeria’s export performance remains modest relative to its economic size and global peers.
Naira Shows Resilience
The improved export receipts coincide with renewed stability in the foreign exchange market. The naira recently closed at 1,351.02 to the dollar at the Nigerian Foreign Exchange Market, gaining N20.36 in the preceding week to settle at 1,366.19/$.
Analysts attribute the appreciation to stronger dollar liquidity, increased participation by foreign portfolio investors and improved confidence following exchange rate reforms.
Stakeholders argue that sustained export growth is critical to boosting foreign exchange supply, strengthening reserves and reducing volatility in the currency market.
Real Sector Implications
Dr Benedict Obhiosa, Secretary of the Manufacturers Association of Nigeria Export Promotion Group, said a stable exchange rate environment benefits manufacturers by lowering the cost of importing machinery and raw materials.
He noted that continued export growth in 2026 could ease dollar-denominated expenses and improve planning for businesses reliant on imported inputs.
However, he expressed concern that macroeconomic improvements have yet to fully translate into relief for households, citing rising rents and persistent price pressures.
Call for Inclusive Gains
While stakeholders welcome the export growth and currency stability, they emphasise the need for stronger institutional support, particularly for export financing and credit insurance.
Ayemibo urged greater backing for export agencies and financing institutions to help diversify Nigeria’s export base beyond oil, arguing that sustained, broad-based export growth remains one of the most viable pathways to strengthening reserves, stabilising the naira and delivering inclusive economic gains.
