Nigeria's trade surplus jumps 341% to N7.55tn in Q1 2026

Nigeria's trade balance experienced a dramatic improvement in the first quarter of 2026, with its trade surplus soaring by 340.88% to N7.55 trillion. This significant jump, reported by the National Bureau of Statistics (NBS), is attributed to a substantial rise in exports and a notable decline in imports.

Total trade during the period reached N34.79 trillion. Exports climbed to N21.17 trillion, an increase of 2.77% year-on-year, while imports fell to N13.62 trillion, an 18.17% decrease from the same period in 2025. The NBS report highlighted that lower imports of petroleum products and higher crude oil exports were key drivers of this positive shift.

Crude oil remained Nigeria's primary export, generating N11.20 trillion and making up 52.92% of total exports. Despite a year-on-year dip of 13.53%, crude oil exports saw a 15.45% increase from the previous quarter. Other petroleum products also surged, rising 51.49% year-on-year to N6.78 trillion. Mineral products, in general, constituted the largest export category at N18.16 trillion, representing 85.77% of all exports.

India emerged as Nigeria's top export market, importing goods valued at N2.77 trillion, followed by France, the Netherlands, Spain, and the United States. Europe remained the leading continent for Nigerian exports, accounting for 37.44% of the total. Meanwhile, machinery and transport equipment were the largest import categories, valued at N5.01 trillion.

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The merchandise trade balance for Q1 2026 remained positive at N7.55tn, indicating an increase of 340.88 per cent compared to the value recorded in the preceding quarter.