**Trade Surplus Drops: Naija's Crude Export Revenue Takes a Hit** Nigeria's trade surplus has taken a significant hit, dropping to N1.71 trillion in the fourth quarter of 2025, down from N3.42 trillion in the same period in 2024. This decline in trade surplus is largely attributed to a drop in crude oil exports and an increase in imports, which has narrowed the country's positive trade balance. According to the National Bureau of Statistics (NBS), Nigeria's total trade for the quarter stood at N36.21 trillion, a 1.07 per cent decline from the N36.60 trillion recorded in the fourth quarter of 2024. While exports were still higher than imports, they dropped significantly compared to the previous year. Crude oil, which continues to dominate Nigeria's export structure, contributed N9.70 trillion or 51.17 per cent of total exports during the quarter. However, crude oil earnings took a sharp hit, dropping by 29.60 per cent from N13.78 trillion in the fourth quarter of 2024. This decline in crude earnings is a major factor in the weakening of Nigeria's overall trade balance. Despite the decline in crude oil earnings, non-crude oil exports and other petroleum product exports remained relatively strong. Non-crude oil exports stood at N9.26 trillion, accounting for 48.83 per cent of total exports, while non-oil exports contributed N3.15 trillion, representing 16.59 per cent of total exports. The sharp decline in crude export revenue has significant implications for Nigeria's economy, particularly in the context of the country's reliance on oil exports. As the global demand for oil continues to evolve, Nigeria must diversify its economy and invest in alternative revenue streams to mitigate the risks associated with crude oil price volatility. In the short term, the decline in trade surplus may have a ripple effect on the country's foreign exchange reserves, which could impact the value of the naira. However, with a growing non-oil sector and a renewed focus on economic diversification, Nigeria is poised to navigate these challenges and emerge stronger in the long term.