Decline in import bills triggers $1.28bn trade surplus

2026-02-27 - 12:57

As weak domestic demand reduces oil imports By Elizabeth Adegbesan Nigeria recorded a $1.28 billion trade surplus in November 2025, representing a 4.06 percent month-on-month increase compared to the $1.23 billion surplus posted in October. The increase in surplus was driven by an 8.07 percent decline in the import bill during the review period, according to data from the Central Bank of Nigeria (CBN) Monthly Economic Report. Analysis of the report showed that import bills for both oil and non-oil products fell, while export earnings also declined by 5.22 percent to $4.83 billion due to subdued receipts from crude oil, gas, and refined petroleum products. The CBN stated: “The trade surplus widened in the review period owing to the decline in import bills. Provisional data indicated that the surplus rose to $1.28 billion from $1.23 billion in the preceding period. “The wider surplus was driven by the 8.07 percent decline in import bills to $3.55 billion, as imports of both oil and non-oil products fell.” The report noted that total imports dropped to $3.55 billion from $3.86 billion in October. A breakdown showed that non-oil imports declined by 4.28 percent to $2.46 billion from $2.57 billion, reflecting lower demand for capital and consumer goods. Similarly, oil imports fell to $0.94 billion from $1.10 billion in the preceding month, indicating weaker domestic demand alongside increased local refining capacity. Non-oil imports accounted for 69.39 percent of total imports, while oil imports made up the balance. On exports, the apex bank said receipts declined by 5.22 percent to $4.83 billion, mainly due to weaker earnings from crude oil, gas, and refined petroleum products. Crude oil, gas, and refined petroleum products accounted for 85.84 percent of total export receipts, with non-oil exports making up the remainder. Aggregate receipts from crude oil, gas, and refined petroleum product exports fell by 4.82 percent to $4.15 billion from $4.36 billion, largely due to declining crude oil prices. Crude oil export earnings dropped to $2.68 billion from $2.82 billion in October, following a decline in the average price of Nigeria’s reference crude to $65.22 per barrel from $66.15 per barrel, attributed to increased supply in the international market. Earnings from refined petroleum products and gas exports also fell to $0.73 billion and $0.74 billion respectively, from $0.77 billion each in October, due to weak demand. Non-oil export earnings declined by 6.80 percent to $0.68 billion, reflecting lower receipts from food exports as robust global supply during the period depressed commodity prices.