Nigeria's Trade Surplus Climbs to $3.46 Billion on Lower Import Bill

Nigeria recorded a significant trade surplus of $3.46 billion in April 2026, marking a 32.06% increase from the previous month. This improvement is largely attributed to an 18.7% decline in the country's import bill, according to the Central Bank of Nigeria's (CBN) April Economic Report.

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The goods account recorded a higher trade surplus, mainly driven by a decline in import bill. Provisional data showed that the trade account recorded a surplus of $3.46 billion, compared to $2.62 billion in the preceding month.

The goods account benefited from reduced spending on imports, which fell to $3.13 billion in April from $3.85 billion in March. This decrease encompassed both oil and non-oil products. Concurrently, export receipts saw a modest rise of 1.85% to $6.59 billion, boosted by stronger non-oil export earnings.

Oil exports accounted for 85.41% of total export receipts. While aggregate oil export earnings slightly decreased to $5.62 billion from $5.70 billion, this was influenced by lower receipts from gas and refined petroleum products. However, crude oil exports increased to $3.99 billion, driven by higher global crude oil prices.

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The performance was driven by 18.70 per cent decrease in import bills to $3.13 billion from $3.85 billion in March, as imports of both oil and non-oil products declined.

Non-oil export earnings improved in April, reaching $0.96 billion compared to $0.77 billion in March. This growth was primarily fueled by increased export receipts from cashew nuts and fertilizer. India emerged as the leading destination for Nigeria's non-oil exports, followed by Vietnam, the U.S., China, and Germany.

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Export receipts increased by 1.85 per cent to $6.59 billion from $6.47 billion, owing to higher non-oil export earnings.

On the import side, merchandise imports decreased across the board. Non-oil imports fell to $2.56 billion from $2.81 billion, with declines in agricultural goods and raw materials. Oil imports also dropped to $0.57 billion from $1.05 billion, a reduction partly explained by enhanced domestic refining capacity.

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Oil export earnings moderated during the review period, driven by lower receipts from gas and refined petroleum product exports.