Nigeria’s trade surplus rises to N7.5tn as imports crash in Q1 2026

Nigeria’s trade surplus rose to N7.549 trillion in the first quarter of 2026 from N34.78 trillion total merchandise in the period.

The National Bureau of Statistics, NBS, disclosed this in its Foreign Trade in Goods statistics released on Monday.

The data showed that total exports stood at N21.169 trillion and imports were N13.619 trillion, while recording a trade balance of N7.5 trillion in Q1 2026.

The export trade data reflects a 2.77 percent increase compared with N20,598.48 billion in the corresponding quarter of 2025 and an 11.63 percent increase compared with Q4 2025.

Meanwhile, the value of total imports decreased by 18.17 percent from the value recorded in the corresponding quarter of 2025 (N16,644.42 billion) and a 21.05 percent decrease compared to the value recorded in Q4 2025 (N17,250.93 billion).

“Total exports in Q1 2026 were valued at N21,169.27 billion, reflecting a 2.77 percent increase compared with N20,598.48 billion in the corresponding quarter of 2025, and an 11.63 percent increase compared with N18,963.41 billion in Q4 2025.

“The value of total imports stood at N13,619.33 billion in the first quarter of 2026, representing an 18.17 percent decrease from the value recorded in the corresponding quarter of 2025 (N16,644.42 billion) and a 21.05 percent decrease compared to the value recorded in Q4 2025 (N17,250.93 billion),” NBS stated.

During this period, the top five exported products are crude oil (52.92 percent), natural gas, urea, other petroleum gases, and kerosene jet fuel. While imported products are crude oil, gas oil, durum wheat, machines, and used vehicles.