Nigeria’s maritime exports recorded a robust surge in the first half of 2025, climbing 12 per cent to N42.87 T trillion from N38.27 trillion recorded in the corresponding period of 2024. This growth, confirmed by the National Bureau of Statistics (NBS) data, reflects a turning point in the nation’s external trade, driven primarily by the Central Bank of Nigeria’s (CBN) foreign exchange (FX) reforms and the dramatic entry of the Dangote Petroleum Refinery into the export market.
The export strength was most evident in the second quarter of 2025 (Q2), which saw exports reach N22.51 T trillion, surpassing the N20.36 T trillion recorded in the first quarter. This performance helped Nigeria achieve a substantial N12.636 T trillion trade surplus in the first half of the year, one of the largest on the continent for the period.
Analysts, including Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE), credited the CBN’s unification of exchange rates for the increased flow. Before the reforms, exporters were forced to sell their foreign earnings at a much-lower official rate, a practice that discouraged repatriation and incentivised informal trade.
Dr. Yusuf noted that the current liberalised market guarantees exporters full value at the prevailing market rate, thereby providing a significant boost. The resulting Naira depreciation, which saw the exchange rate weaken from N1,309.9/$1 in Q1 2024 to N1,521.1/$1 in Q1 2025, made Nigerian goods more competitive globally, inflating the Naira value of exports and driving up physical volumes.
The operational impact of the 650,000 barrels-per-day Dangote Petroleum Refinery emerged as the second critical driver. The facility is actively exporting refined petroleum products and fertiliser, creating entirely new, non-oil revenue streams that strengthen the export base.
Though the refinery’s start-up operations saw Nigeria’s crude oil imports hit a record 5.67 M million metric tons in H1 2025 as it sourced global crude, the output has made Nigeria West Africa’s leading exporter of refined products. The refinery’s terminal has facilitated over 650 international vessel loadings, reaching markets across Europe and Asia. The export of urea, in particular, is now positioned as a major component of non-oil exports.
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While maritime transport remains the dominant mode, accounting for over 99 per cent of exports in Q2 2025, supply chain expert Marcel Mba cautioned that the sustainability of the boom hinges on the country’s overall trade balance. Although exports grew, imports were valued at N30.71 T trillion for the half-year, showing persistent dependence on foreign manufactured inputs and, paradoxically, some refined petroleum products for the general market.
Mr. Mba stressed that for the Naira to gain sustained strength, export growth must continue to outpace imports, a trend evident in the N7.46 T trillion trade surplus recorded in Q2 2025. The performance highlights the potential of an export-led economy, provided the government maintains consistency in its structural and FX reforms. This robust maritime export performance data was officially released by the NBS in the first week of November 2025, underscoring the success of these major policy and industrial shifts.
