Nigeria achieved a notable trade surplus of $1.28 billion in November 2025, a 4.1 percent increase from the $1.23 billion surplus recorded in October 2025. This positive development was primarily driven by a substantial 8.07 percent reduction in the country's import bills.

Data from the Central Bank of Nigeria's (CBN) Monthly Economic Report revealed that both oil and non-oil import bills saw a decline. Non-oil imports fell by 4.28 percent to $2.46 billion from $2.57 billion in the preceding month, suggesting a lower demand for capital and consumer goods. Oil imports also decreased to $0.94 billion from $1.10 billion, attributed to reduced domestic demand and an uptick in local refining capacity. Non-oil imports constituted 69.39 percent of total imports, with oil imports making up the remainder.

Despite the improvement in the trade balance, export earnings experienced a slight decline of 5.22 percent, totaling $4.83 billion. This dip was attributed to subdued earnings from crude oil, gas, and refined petroleum products. These key export items accounted for 85.84 percent of total export receipts.

Earnings from crude oil, gas, and refined petroleum products exports collectively decreased by 4.82 percent to $4.15 billion from $4.36 billion. This reduction was largely influenced by a decline in crude oil prices, with Nigeria's reference crude averaging $65.22 per barrel (pb) in November 2025, down from $66.15pb in October 2025. The international market saw increased supply, impacting prices. Earnings from refined petroleum products and gas exports also saw a fall, reaching $0.73 billion and $0.74 billion respectively, from $0.77 billion each in October, due to weak demand.

Non-oil export earnings also decreased by 6.80 percent to $0.68 billion in November 2025, primarily due to lower receipts from food product exports. This was a consequence of robust global supply during the period, which led to lower commodity prices.

In parallel developments, the United Nations Economic Commission for Africa (ECA), through its African Trade Policy Centre (ATPC), is working to simplify trading rules for participation in the African Continental Free Trade Area (AfCFTA), aiming to further boost intra-African trade for SMEs and other businesses.