Nigeria Records N7.55trn Trade Surplus in Q1 2026 as Exports Rise Above Imports
- New data from the NBS shows that Nigeria recorded a trade surplus of N7.55 trillion in the first quarter of 2026
- The bureau’s report also revealed that the value of total exports was higher than that of total imports
- Crude oil remained Nigeria’s dominant export commodity, contributing the largest share
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that Nigeria recorded a trade surplus of N7.55 trillion in the first quarter of 2026, owing to increased exports exceeding imports in the period.
The NBS, in its report titled "Foreign Trade Statistics Q1 2026," indicates that Nigeria's total trade volume reached N34.79 trillion during January and March 2026, driven by rising export receipts and a decrease in import value.
Source: Twitter
According to the NBS, exports grew to N21.17 trillion in Q1 2026 from N20.60 trillion in the same period in 2025. This represents an increase of 2.77% over the last quarter. Exports during the quarter also grew by 11.63% from N18.96 trillion in the fourth quarter of 2025.
Conversely, total imports of goods into Nigeria fell to N13.62 trillion in Q1 2026, representing a 18.17% decline from the N16.64 trillion imports in Q1 2025.
This was also a 21.05% decrease from the N17.25 trillion imports registered in Q4 2025.
A trade surplus arises when a country's export value is greater than its import value. It indicates that the nation has generated more foreign exchange through the sale of goods and services to other countries than it has spent on acquiring them from other nations.
Crude oil dominates Nigerian exports
A breakdown of export data further highlighted crude oil as Nigeria's leading export commodity, though earnings from it dropped.
Exports generated from crude oil amounted to N11.20 trillion in Q1 2026, representing a 13.53% drop from N12.96 trillion earned in the first quarter of 2025.
Meanwhile, the export of other oil products soared to N6.78 trillion during the quarter, up from N4.48 trillion in Q1 2025, a jump of 51.49%. The value was also up by 10.88% from N6.12 trillion registered in Q4 2025.
India was the leading destination of Nigerian goods in Q1 2026, followed by France, the Netherlands, Spain, and the United States, Punch reports.
Source: Twitter
China is top source of imports for Nigeria
Looking at imports, China retained its position as the leading supplier of goods to Nigeria during the period. The United States, India, Germany and the United Arab Emirates also featured in the list of Nigeria's top import partners.
Manufactured goods were the most imported commodity to Nigeria during the period, accounting for N8.48 trillion of the total imports.
The value was 12.94% higher than the N7.51 trillion recorded in Q1 2025 and was 2.89 percent lower than the N8.80 trillion in Q4 2025. Agricultural imports amounted to N827.72 billion, while imports of raw materials into Nigeria stood at N1.58 trillion during the period.
Summary of Nigeria’s trade performance in Q1 2026:
- Exports: N21.17 trillion
- Imports: N13.62 trillion
- Trade surplus: N7.55 trillion
- Crude oil exports: N11.20 trillion
- Other oil products exports: N6.78 trillion
NNPC discovers rare crude oil, begins Cawthorne export
Earlier, Legit.ng reported that Nigeria has taken a bold step to strengthen its position in the global oil market as the Nigerian National Petroleum Company Limited (NNPC Ltd) begins export of a newly discovered crude oil grade, Cawthorne.
The national oil company confirmed that the maiden cargo of the blend was successfully shipped to Europe, marking a significant milestone in Nigeria’s drive to boost production, diversify exports, and increase revenue at a time of elevated global oil prices.
Source: Legit.ng
