Nigeria recorded a sharp rise in its trade surplus in January 2026 as stronger earnings from crude oil and petroleum exports boosted the country’s foreign trade position.
According to the latest report released by the Central Bank of Nigeria, the country posted a trade surplus of $480 million in January. This represents a major increase compared to the $150 million surplus recorded in December 2025.
The report showed that export earnings improved during the month, mainly due to higher revenue from crude oil and gas exports. Total export receipts rose by 4.46 per cent to $4.68 billion.
The apex bank explained that increased petroleum shipments played a major role in the stronger performance. Crude oil, gas, and refined petroleum products accounted for more than 83 per cent of Nigeria’s total export earnings during the period.
Oil exports alone generated about $3.89 billion in January, up from $3.62 billion in December 2025. The increase was linked to stronger global crude oil prices and supply disruptions in parts of the international oil market, which pushed prices higher.
Gas exports also recorded slight growth, rising from $720 million in December to $750 million in January.
Despite the rise in exports, Nigeria’s import bill also increased during the same period. Total imports grew by 3 per cent to $4.77 billion as demand for foreign goods remained strong.
The report noted that non-oil products made up more than 86 per cent of total imports, while oil-related imports accounted for the remaining share.
Although the country benefited from stronger oil earnings, non-oil exports experienced a decline. Earnings from non-oil exports dropped by 5.88 per cent to $800 million.
According to the CBN, the decline was mainly caused by weaker agricultural export earnings, especially from cocoa beans. Improved weather conditions across West Africa increased cocoa harvest expectations, leading to lower prices in the international market.
As a result, export revenue from cocoa sales reduced during the month under review.
Economic experts have continued to warn about Nigeria’s heavy dependence on oil exports as the country’s major source of foreign exchange earnings. Analysts say fluctuations in global oil prices could create risks for the economy if efforts to strengthen non-oil exports are not intensified.
They stressed the importance of diversifying the economy by increasing investment in agriculture, manufacturing, technology, and other export-driven sectors.
Analysts also noted that maintaining a strong trade surplus in the coming months would depend on stable crude oil production, improved foreign exchange inflows, and better support for non-oil industries.
The January figures, however, suggest that higher oil prices and stronger petroleum exports continue to provide temporary relief for Nigeria’s external trade position, even as concerns remain about long-term economic diversification.
