- Nigeria Posts 340% Surge in Trade Surplus to N7.55trn in Q1
- The report showed that total exports stood at N21.17 trillion during the period under review
- Nigeria recorded imports valued at N13.62 trillion
Nigeria recorded a trade surplus of N7.55 trillion in the first quarter of 2026, representing a 340.88 per cent increase from the N1.71 trillion surplus posted in the fourth quarter of 2025.
Eko Hot Blog reports that the figure also reflects a 46 per cent rise compared to the N5.17 trillion trade surplus recorded in the corresponding period of 2025.
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According to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS), the significant improvement was largely driven by higher crude oil exports and a decline in the importation of petroleum products.
The report showed that total exports stood at N21.17 trillion during the period under review, accounting for 60.85 per cent of Nigeria’s total trade. This represents a 2.77 per cent increase from the N20.6 trillion recorded in the first quarter of 2025 and an 11.63 per cent rise compared to the fourth quarter of last year.
Crude oil remained Nigeria’s dominant export commodity, generating N11.2 trillion and accounting for 52.92 per cent of total exports.
The NBS further disclosed that non-crude oil exports amounted to N9.97 trillion, representing 47.08 per cent of total exports, while non-oil products contributed N3.19 trillion, equivalent to 15.05 per cent of total exports.
On the import side, Nigeria recorded imports valued at N13.62 trillion, representing 39.15 per cent of total trade. This was 18.17 per cent lower than the N16.64 trillion recorded in the first quarter of 2025 and 21.05 per cent below the N17.25 trillion posted in the fourth quarter of last year.
A notable feature of the report was the decline in agricultural imports, which dropped to N827.72 billion. The figure represents a 20.09 per cent decrease from N1.04 trillion recorded in the corresponding period of 2025 and a 42.39 per cent decline from N1.44 trillion recorded in the previous quarter.
Agricultural exports also fell during the period, declining by 31.2 per cent from N1.7 trillion in the first quarter of 2025 to N1.17 trillion. Compared to the fourth quarter of 2025, the figure represented an 11.39 per cent decrease from N1.32 trillion.
Meanwhile, exports of raw materials rose significantly to N1.53 trillion, reflecting a 46.83 per cent increase from N1.04 trillion recorded a year earlier and a 28.62 per cent rise from N1.19 trillion in the preceding quarter.
The report also showed that solid minerals exports were valued at N102.8 billion, representing a 74.63 per cent increase compared to N58.87 billion recorded in the first quarter of 2025. However, the figure was 12.02 per cent lower than the N116.84 billion recorded in the fourth quarter of last year.
Manufactured goods exports maintained a modest upward trend, rising to N302.64 billion from N294.43 billion in the corresponding period of 2025, representing a 2.79 per cent increase. However, the figure was 28.53 per cent lower than the N423.43 billion recorded in the fourth quarter of 2025.
The NBS report highlights the continued dominance of crude oil in Nigeria’s export earnings, even as efforts to diversify the economy through non-oil exports remain ongoing.
