Nigeria recorded a strong trade performance in the first quarter of 2026, posting a merchandise trade surplus of N7.55 trillion. According to data released by the National Bureau of Statistics (NBS), this represents a remarkable 340.88 percent increase compared to the previous quarter, highlighting significant improvements in the country’s external trade position.
The report showed that Nigeria’s total trade volume for the period stood at N34.79 trillion. Exports contributed N21.17 trillion, accounting for 60.85 percent of total trade, while imports amounted to N13.62 trillion, representing 39.15 percent.
The impressive trade surplus was largely driven by a sharp decline in imports, especially petroleum products, alongside stronger earnings from crude oil exports. This combination helped improve the country’s trade balance significantly.
Nigeria’s exports grew steadily during the quarter. Export earnings rose to N21.17 trillion, reflecting an increase of 2.77 percent compared to the same period in 2025. Compared to the fourth quarter of 2025, exports increased by 11.63 percent.
On the other hand, imports recorded a major decline. The country’s import bill dropped to N13.62 trillion, down by 18.17 percent from the first quarter of 2025 and 21.05 percent lower than the previous quarter. The reduction in imports played a major role in boosting Nigeria’s trade surplus.
Crude oil remained the country’s leading export commodity, generating N11.20 trillion and accounting for nearly 53 percent of total exports. Although crude oil earnings were lower than the corresponding period of 2025, they improved significantly when compared to the final quarter of 2025.
Exports of other oil-related products also performed strongly, rising to N6.78 trillion. This represented a substantial increase from both the previous year and the preceding quarter.
Non-crude oil exports contributed N9.97 trillion, accounting for about 47 percent of total exports. Within this category, non-oil exports generated N3.19 trillion, showing continued efforts to diversify the economy beyond crude oil.
Mineral products remained the dominant export category, contributing over 85 percent of total export earnings. Other major export products included chemicals, allied industrial products, food items, and beverages.
The report also revealed strong growth in raw material exports, which increased significantly during the period. Solid mineral exports recorded impressive gains as well, reflecting growing activity in the mining sector. However, agricultural exports experienced a decline, dropping by more than 31 percent compared to the same period last year.
On the import side, manufactured goods remained Nigeria’s largest import category, valued at N8.48 trillion. Machinery and transport equipment accounted for the biggest share of imports, followed by mineral fuels and chemical products.
One of the most notable developments was the drastic reduction in petroleum product imports. Imports in this category fell by more than 85 percent year-on-year, suggesting increasing reliance on local refining capacity and reduced dependence on imported fuel products.
China maintained its position as Nigeria’s largest import partner, supplying goods worth N5.10 trillion. The United States, India, Germany, and the United Arab Emirates also ranked among the country’s top sources of imports.
For exports, India emerged as Nigeria’s largest destination market, followed by France, the Netherlands, Spain, and the United States. Europe remained the leading regional destination for Nigerian exports, while Asia also accounted for a significant share.
Trade with African countries remained strong. Nigeria exported goods worth N4.06 trillion to the continent while importing N654.94 billion. Exports to ECOWAS member states exceeded N2.20 trillion, demonstrating the importance of regional trade relationships.
Overall, the first quarter of 2026 marked one of Nigeria’s strongest trade performances in recent years, supported by rising exports, lower import costs, and a substantial reduction in petroleum product imports.
