Nigeria’s merchandise trade surplus surged to N7.55 trillion in the first quarter of 2026, representing a 340.88% increase from the N1.71 trillion recorded in the preceding quarter, driven by stronger crude oil exports and a sharp decline in import spending.
New data released by the National Bureau of Statistics (NBS) showed that total merchandise trade stood at N34.79 trillion during the period, with exports accounting for more than 60% of total trade and significantly outpacing imports.
The robust trade performance reflects improved foreign earnings from oil exports, growing contributions from non-oil products, and lower import bills, particularly for petroleum products, strengthening Nigeria’s external sector at the start of the year.
What the report is saying
According to the NBS, total exports amounted to N21.17 trillion in the first quarter of 2026, representing 60.85% of total trade. The figure was 2.77% higher than the N20.60 trillion recorded in the corresponding period of 2025 and 11.63% above the N18.96 trillion posted in the fourth quarter of 2025.
- Imports, on the other hand, declined sharply to N13.62 trillion, accounting for 39.15% of total trade. The import bill fell by 18.17% compared to N16.64 trillion in Q1 2025 and by 21.05% from N17.25 trillion in the preceding quarter.
The wide gap between exports and imports pushed Nigeria’s trade surplus to N7.55 trillion, one of the strongest quarterly performances in recent years.
- Crude oil remained the country’s largest export commodity, generating N11.20 trillion and accounting for 52.92% of total exports. However, non-crude exports also made a significant contribution, amounting to N9.97 trillion or 47.08% of exports, with non-oil products accounting for N3.19 trillion.
- By product category, mineral products dominated exports at N18.16 trillion, representing 85.77% of total exports, followed by chemical and allied products valued at N1.39 trillion and prepared foodstuffs, beverages, spirits and vinegar worth N745.74 billion.
On the import side, machinery and transport equipment remained Nigeria’s largest import category at N5.01 trillion, accounting for 36.79% of total imports. Mineral fuels followed at N2.65 trillion, while chemicals and related products accounted for N2.02 trillion.
Asia remained Nigeria’s largest source of imports, supplying goods worth N7.55 trillion or 55.45% of total imports, with China maintaining its position as the country’s biggest trading partner on the import side at N5.10 trillion.
For exports, Europe was Nigeria’s largest market, receiving goods valued at N7.93 trillion, followed by Asia at N6.42 trillion. India emerged as Nigeria’s single largest export destination with imports from Nigeria worth N2.77 trillion, followed by France, the Netherlands, Spain, and the United States.
Nigeria also maintained a substantial trade surplus with African countries, exporting N4.06 trillion worth of goods to the continent while importing N654.94 billion. Within Africa, exports to ECOWAS countries amounted to N2.20 trillion.
Petroleum products, including crude oil, gas oil, jet fuel, premium motor spirit, and urea, accounted for a significant share of exports to African markets.
Within West Africa, Nigeria recorded another sizeable trade surplus, exporting N2.27 trillion worth of goods while importing just N76.54 billion, with Togo, Côte d’Ivoire, Senegal, Ghana, and Benin Republic serving as key regional markets.
What you should know
Nairametrics earlier reported that Nigeria’s trade sector contributed 17.89% to the country’s Gross Domestic Product (GDP) in the first quarter of 2026.
NBS data showed that the sector’s contribution in Q1 2026 was slightly lower than the 18.21% recorded in the corresponding quarter of 2025 but higher than the 16.84% posted in the fourth quarter of 2025.
Nigeria’s economy recorded overall real GDP growth of 3.89% year-on-year in Q1 2026.