Stronger exports lift Nigeria’s trade surplus to N7.55tn in Q1

NIGERIA recorded a sharp rise in its merchandise trade surplus in the first quarter (Q1) of 2026, as export earnings strengthened while import spending declined significantly.

Data released by the National Bureau of Statistics (NBS) on Monday showed that the country’s trade surplus climbed to N7.55 trillion during the period, representing a 340.88 percent increase compared to the N1.71 trillion recorded in the fourth quarter (Q4) of 2025.

The improvement was driven largely by higher export receipts from crude oil and reduced import bills, particularly for petroleum-related products, reflecting stronger external sector performance at the start of the year.

According to the report, total merchandise trade stood at N34.79 trillion in Q1 2026. Exports accounted for N21.17 trillion, representing 60.85 percent of total trade, while imports settled at N13.62 trillion.

The export figure was 2.77 percent higher than the N20.60 trillion recorded in the corresponding quarter of 2025 and 11.63 percent above the N18.96 trillion posted in the previous quarter.

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In contrast, imports declined sharply by 18.17 percent from N16.64 trillion in Q1 2025 and by 21.05 percent from N17.25 trillion in Q4 2025.

Crude oil impact

Crude oil remained Nigeria’s biggest export commodity, generating N11.20 trillion and accounting for 52.92 percent of total exports. Non-crude exports contributed N9.97 trillion, while non-oil exports stood at N3.19 trillion.

Mineral products dominated export trade with N18.16 trillion in value, representing 85.77 percent of total exports. Chemical and allied products followed at N1.39 trillion, while prepared foodstuffs, beverages, spirits and vinegar contributed N745.74 billion.

On the import side, machinery and transport equipment remained the largest category at N5.01 trillion, accounting for 36.79 percent of total imports. Mineral fuels accounted for N2.65 trillion, while chemicals and related products stood at N2.02 trillion.

Europe remains Nigeria’s biggest market

Asia retained its position as Nigeria’s largest import source, supplying goods worth N7.55 trillion or 55.45 percent of total imports. China remained Nigeria’s largest import partner with trade valued at N5.10 trillion.

For exports, Europe emerged as Nigeria’s biggest market, receiving goods worth N7.93 trillion, followed by Asia at N6.42 trillion. India ranked as Nigeria’s largest export destination with imports valued at N2.77 trillion, ahead of France, the Netherlands, Spain and the United States.

Exports to Africa

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Nigeria also posted a strong trade surplus with African countries, exporting goods valued at N4.06 trillion while importing N654.94 billion from the continent. Exports to ECOWAS countries stood at N2.20 trillion.

Petroleum-related products including crude oil, gas oil, jet fuel, premium motor spirit and urea accounted for a major share of exports to African markets.

Within West Africa, Nigeria exported N2.27 trillion worth of goods and imported N76.54 billion, with Togo, Côte d’Ivoire, Senegal, Ghana and Benin Republic among its major regional trading partners.

The latest figures come as the NBS reported that the trade sector contributed 17.89 percent to Nigeria’s Gross Domestic Product (GDP) in Q1 of 2026, higher than the 16.84 percent recorded in Q4 2025 but slightly lower than the 18.21 percent posted in the corresponding quarter of 2025.