By Boluwatife Oshadiya | June 9, 2026
Key Points
- Nigeria’s trade surplus rose 340.88% to N7.55 trillion in Q1 2026
- Exports climbed to N21.17 trillion while imports fell to N13.62 trillion
- Crude oil remained the country’s largest export earner, generating N11.2 trillion
Main Story
Nigeria recorded a merchandise trade surplus of N7.55 trillion in the first quarter of 2026, a 340.88% increase from N1.71 trillion in the previous quarter, as stronger export earnings and lower import spending boosted the country’s external trade position.
Data released by the National Bureau of Statistics (NBS) showed total merchandise trade reached N34.79 trillion during the period. Exports accounted for N21.17 trillion, representing 60.85% of total trade, while imports declined to N13.62 trillion.
Crude oil remained the dominant export commodity, generating N11.20 trillion and accounting for more than half of total exports. However, non-crude exports contributed N9.97 trillion, highlighting growing participation from other sectors of the economy.
The report showed mineral products remained Nigeria’s largest export category at N18.16 trillion, while machinery and transport equipment led imports at N5.01 trillion.
China retained its position as Nigeria’s largest import source, accounting for N5.10 trillion worth of goods, while India emerged as the country’s biggest export destination, receiving Nigerian exports valued at N2.77 trillion.
Trade with African countries also remained positive. Nigeria exported N4.06 trillion worth of goods to African markets and imported N654.94 billion, resulting in a significant continental trade surplus. Exports to ECOWAS member states reached N2.20 trillion during the quarter.
The figures come as Nigeria continues efforts to strengthen export diversification, improve foreign exchange earnings and maximise opportunities under the African Continental Free Trade Area.
What’s Being Said
“Total exports in the first quarter of 2026 stood at N21.17 trillion, while imports were valued at N13.62 trillion,” the National Bureau of Statistics said in its quarterly foreign trade report.
Economic analysts have noted that the combination of stronger export earnings and lower import costs could provide additional support for foreign exchange stability and external reserves if sustained.
What’s Next
- Investors will monitor whether export growth remains strong through the second quarter of 2026.
- Policymakers are expected to intensify efforts to boost non-oil exports and reduce import dependence.
- The next foreign trade report from the NBS will provide further insight into the sustainability of Nigeria’s external sector recovery.
The Bottom Line: Nigeria’s sharp rise in trade surplus signals improving external sector performance, but the economy remains heavily reliant on crude oil exports. Sustained gains will depend on expanding non-oil exports and deepening regional trade integration.
