Nigeria records N7.54tr trade surplus as importation drops by 18% in Q1 2026

Nigeria recorded a total of N34.78tr worth of foreign trade in the first quarter of 2026, a report by the National Bureau of Statistics (NBS) has shown. The report, released on Monday, stated that exports accounted for 60.85% of total trade with a value of N21.16tr, showing an increase of 2.77% over the value recorded […]

Nigeria recorded a total of N34.78tr worth of foreign trade in the first quarter of 2026, a report by the National Bureau of Statistics (NBS) has shown.

The report, released on Monday, stated that exports accounted for 60.85% of total trade with a value of N21.16tr, showing an increase of 2.77% over the value recorded in the corresponding quarter of 2025 (N20.59tr) and an increase of 11.63% compared to the value recorded in Q4 2025 (N18.96tr).

On the other hand, imports accounted for 39.15% of total trade in the first quarter of 2026, with a value of N13.61tr, representing a 18.17% decrease compared to N16.64tr recorded in Q1 2025, and 21.05% decrease from N17.25tr recorded in Q4 2025.

Analysis showed that crude oil remained Nigeria’s major exported commodity in the first quarter of 2026 with a value of N11.2tr, representing 52.92% of total exports.

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A further breakdown revealed that the value of non-crude oil exports stood at N9.96tr, accounting for 47.08% of total exports; of which non-oil products contributed N3.18tr or 15.05% of total exports.

It noted that China remained the leading source of imports in the first quarter of 2026, followed by the United States of America, India, Germany, and the United Arab Emirates.

“The most imported commodities during the quarter were petroleum oils and oils obtained from bituminous minerals (crude), gas oil, durum wheat, machines for the reception, conversion, and transmission of voice, images, or data, and used vehicles with diesel or semi-diesel engines.”

“The value of agricultural goods imported in Q1 2026 stood at N827.72bn, representing a 20.09% decrease compared to N1.03tr recorded in Q1 2025, and a 42.39% decrease relative to N1.43tr recorded in Q4 2025.

It added that the import value of raw material goods was N1.58tr, representing a 12.63% decrease from ₦1.81tr in Q1 2025, and a 32.72% decrease compared to N2,35tr in the preceding quarter (Q4 2025).

On export, Nigeria’s top five trading export partners were India, France, The Netherlands, Spain, and The United States of America, while the most exported commodities were crude oil, natural gas, Urea, whether or not in aqueous solution, other petroleum gases in a gaseous state, and Kerosine type jet fuel.

It disclosed that exports of agricultural goods in the period under review amounted to N1.17tr, representing a 31.20% decline from N1.70tr in Q1 2025 and an 11.39% decrease from N1.32tr in Q4 2025.