Nigeria's trade hits N34.8 trillion in Q1 2026 as exports outpace imports

Nigeria's merchandise trade surged to N34.8 trillion in the first quarter of 2026, as exports significantly outpaced imports, according to data from the National Bureau of Statistics (NBS).

Total exports reached N21.2 trillion, a slight increase from the previous year, with crude oil and other petroleum products forming the backbone of these earnings. Non-oil exports, including agricultural and raw materials, contributed a smaller portion.

Conversely, total imports saw a substantial decline, estimated at N13.6 trillion. Manufactured goods constituted the largest share of these imports, followed by crude oil and raw materials. Key imported products included petroleum oils, gas oil, and wheat.

The NBS data revealed a trade surplus of N7.5 trillion, largely attributed to robust crude oil sales. China emerged as the largest source of imports, while India was the top export destination. The figures underscore Nigeria's continued vulnerability to global commodity price fluctuations due to its heavy reliance on oil, signaling a need for greater diversification in both export products and markets.