Nigeria’s trade surplus jumps 341% to N7.54 Trillion in Q1 2026

Nigeria posted a trade surplus of N7.54 trillion in the first quarter of 2026, representing a 340.88 percent increase from the N1.71 trillion surplus recorded in the previous quarter, according to the National Bureau of Statistics (NBS).

The NBS disclosed this in its latest Foreign Trade Statistics Report released on Monday, attributing the sharp rise in the trade balance to reduced imports of petroleum products and increased crude oil exports during the period.

The report showed that the country’s total trade volume for the quarter stood at N34.78 trillion, with exports accounting for N21.17 trillion.

According to the bureau, exports represented 60.85 percent of total trade in Q1 2026. Export earnings rose by 2.77 percent compared to the corresponding period in 2025, when exports were valued at N20.60 trillion. The figure also marked an 11.63 percent increase from the N18.96 trillion recorded in the fourth quarter of 2025.

Crude oil remained Nigeria’s dominant export commodity, generating N11.20 trillion and accounting for 52.92 percent of total exports. Non-crude oil exports contributed N9.96 trillion, representing 47.08 percent of export earnings, while non-oil products accounted for N3.18 trillion or 15.05 percent of total exports.

On the import side, Nigeria recorded imports valued at N13.61 trillion, representing 39.15 percent of total trade. The figure reflected an 18.17 percent decline from the N16.64 trillion recorded in the first quarter of 2025 and a 21.05 percent decrease compared to the N17.25 trillion posted in the final quarter of 2025.

The NBS report showed that China remained Nigeria’s largest import partner during the quarter, with imports worth N5.09 trillion, accounting for 37.42 percent of total imports.

The United States followed with imports valued at N2.80 trillion, representing 20.60 percent of the total. India ranked third with N992.87 billion worth of imports, while Germany and the United Arab Emirates recorded N390.35 billion and N222.47 billion respectively.

On the export front, India emerged as Nigeria’s largest export destination in the first quarter of 2026, receiving goods valued at N2.77 trillion, which represented 13.09 percent of total exports.

France ranked second with imports from Nigeria worth N1.96 trillion, followed closely by the Netherlands at N1.95 trillion. Spain received Nigerian exports valued at N1.62 trillion, while exports to the United States stood at N1.17 trillion.

According to the NBS, these five countries accounted for 44.84 percent of Nigeria’s total export value during the quarter.