Nigeria Reports N7.55 Trillion Trade Surplus for Q1 2026

The National Bureau of Statistics, Nigeria reported that Nigeria achieved a merchandise trade surplus of N7.55 trillion in the first quarter of 2026. This figure represents a 340.88 percent increase over the preceding quarter, as total exports rose to N21.17 trillion while imports declined.

Total exports grew by 2.77 percent year-on-year and 11.63 percent compared to the fourth quarter of 2025. Crude oil remained the dominant export commodity, accounting for 52.92 percent of all exports, with India serving as the primary export destination. Total imports fell to N13.62 trillion, a decrease of 18.17 percent year-on-year and 21.05 percent from the previous quarter, with China remaining the largest source of imports.

The agency attributed the improved trade balance to higher crude oil exports and a reduction in petroleum product imports. While the data shows a significant surplus, it also highlights the country's ongoing heavy reliance on oil exports and its subsequent vulnerability to global commodity price fluctuations.