Decline in import bills triggers $1.28bn trade surplus

…As low domestic demand reduces oil import

Nigeria recorded a  $1.28 billion trade surplus in November 2025, representing a 4.1 percent month-on-month increase compared to a N1.23 billion surplus recorded in the previous month, October.

This development was triggered by an 8.07 percent decline in import bill during the review period. Breakdown of data contained in the Central Bank of Nigeria’s, CBN, current Monthly Economic Report showed that import bills of both oil and non-oil products fell.

However, export declined by 5.22 per cent to $4.83 billion due to subdued earnings from crude oil, gas, and refined petroleum products.

CBN’s report stated: “The trade surplus widened in the review period, owing to decline in  import bills.

“Provisional data indicated that the trade surplus rose to $1.28 billion, from $1.23 billion in the preceding period.

“The wider surplus was driven by the 8.07 per cent decline in import bills to $3.55 billion, as imports of both oil and non-oil products fell.

“A disaggregation indicated that  non-oil imports declined by 4.28 per cent to $2.46 billion from $2.57 billion, indicating lower demand for capital and consumer goods. “Similarly, oil imports decreased to $0.94 billion from $1.10 billion in the preceding month, reflecting lower domestic demand amid increased local refining capacity. “ In terms of imports, non-oil import accounted for 69.39 per cent, while oil  imports constituted the balance.”

On exports, CBN said: “Export receipts declined by 5.22 per cent to $4.83 billion, on account of subdued earnings from crude oil, gas, and refined  petroleum products.

“Analysis of export by composition showed that crude oil, gas, and  refined petroleum products accounted for 85.84 per cent of total export receipts, with non-oil exports constituting the balance.

“Earnings from the export of crude oil, gas and refined petroleum products declined in the review period.

“Aggregate receipts from crude  oil, gas and refined petroleum products exports fell by 4.82 per cent to $4.15 billion from $4.36 billion, due largely to crude oil price decline.

“A further disaggregation showed that crude oil export receipts declined  to $2.68 billion from $2.82 billion in the preceding month, occasioned by the decline in the average price of Nigeria’s reference crude to $65.22 per barrel (pb) from $66.15pb in October 2025,  attributed to increased supply in the international market.

“Similarly, earnings from refined petroleum products and gas exports fell to  $0.73 billion and $0.74 billion, respectively, from $0.77 billion apiece in October, due to weak demand. “Non-oil export earnings decreased in the review period, reflecting the decline in re-exports.

“At $0.68 billion, non-oil export earnings decreased by 6.80 per cent relative to the level in the preceding month.

“The development followed lower receipts from the export of food products, as robust global supply during the period lowered commodity prices.”