Nigeria's trade surplus surged to N7.55 trillion in the first quarter of 2026, representing a 340.88 percent jump compared to the N1.7 trillion surplus recorded in the fourth quarter of 2025. This figure also surpassed the N5.17 trillion surplus posted in the first quarter of 2025, according to the National Bureau of Statistics (NBS).
Exports Dominate Total Trade
The NBS, in its foreign trade in goods statistics report released on Monday, attributed the increase largely to a decline in petroleum product imports and a rise in crude oil exports. In Q1 2026, total exports accounted for 60.85 percent of total trade, valued at N21.17 trillion. This represents a 2.77 percent increase from N20.60 trillion in Q1 2025 and an 11.63 percent rise from N18.97 trillion in Q4 2025.
Crude Oil Remains Key Export
Crude oil remained Nigeria's major export commodity in Q1 2026, with a value of N11.20 trillion, accounting for 52.92 percent of total exports. Non-crude oil exports stood at N9.97 trillion, or 47.08 percent of total exports. Within this category, non-oil products contributed only N3.19 trillion, representing 15.05 percent of total exports.
Imports Decline Significantly
Imports accounted for 39.15 percent of total trade in Q1 2026, valued at N13.62 trillion. This marks an 18.17 percent decrease from N16.64 trillion in Q1 2025 and a 21.05 percent drop from N17.25 trillion in Q4 2025. A major highlight was the sharp decline in agricultural imports, which fell to N827.72 billion, down 20.09 percent from N1.036 trillion in Q1 2025 and 42.39 percent from N1.44 trillion in Q4 2025.
Agricultural Exports Decline
Nigeria's agricultural goods exports in Q1 2026 fell by 31.20 percent to N1.17 trillion, compared to N1.70 trillion in Q1 2025, and decreased by 11.39 percent from N1.32 trillion in Q4 2025.
Other Export Sectors Show Mixed Results
The value of raw material exports rose to N1.53 trillion, a 46.83 percent increase from N1.04 trillion in Q1 2025 and a 28.62 percent rise from N1.19 trillion in Q4 2025. Solid mineral exports were valued at N102.80 billion, up 74.63 percent from N58.87 billion in Q1 2025 but down 12.02 percent from N116.84 billion in Q4 2025. Manufactured goods exports reached N302.64 billion, a 2.79 percent increase from N294.43 billion in Q1 2025, though they fell 28.53 percent from N423.43 billion in Q4 2025.
Top Trading Partners and Commodities
China remained Nigeria's leading source of imports in Q1 2026, followed by the United States, India, Germany, and the United Arab Emirates. The most imported goods included crude petroleum oils, gas oil, durum wheat, telecommunications machinery, and used diesel vehicles. On the export side, Nigeria's top five partners were India, France, the Netherlands, Spain, and the United States. The main export commodities were crude oil, natural gas, urea, other petroleum gases, and kerosene-type jet fuel.
