Trade Surplus Soars 341% to ₦7.55trn in Q1 2026 – NBS
Nigeria’s merchandise trade surplus surged to ₦7.55 trillion in Q1 2026, a 340.9% increase from the previous quarter, according to the National Bureau of Statistics (NBS).
Total trade stood at ₦34.79tn, with exports at ₦21.17tn and imports at ₦13.62tn. The NBS attributed the surplus to higher crude oil exports and a sharp decline in petroleum product imports.
Exports rose 2.77% year-on-year and 11.63% quarter-on-quarter, accounting for 60.85% of total trade. Crude oil generated ₦11.20tn (52.9% of exports), while non-oil exports contributed ₦3.19tn (15.05%).
India was Nigeria’s top export destination at ₦2.77tn, followed by France (₦1.97tn), Netherlands (₦1.95tn), Spain (₦1.63tn), and the US (₦1.18tn). Together, these five countries absorbed 44.8% of exports.
Imports fell 18.2% year-on-year and 21.1% quarter-on-quarter to ₦13.62tn, led by machinery and transport equipment (₦5.01tn), mineral fuels (₦2.65tn), and chemicals (₦2.02tn). China remained Nigeria’s largest source of imports at ₦5.10tn (37.4%).
Agricultural exports dropped 31.2% to ₦1.17tn, but raw material exports rose 46.8% to ₦1.53tn, and solid minerals jumped 74.6% to ₦102.8bn. Cocoa beans remained the leading agricultural export at ₦596.9bn.
Nigeria maintained a strong surplus with Africa, exporting ₦4.06tn against imports of ₦654.9bn. Within ECOWAS, exports totaled ₦2.20tn compared to imports of ₦65.9bn, dominated by petroleum products.
Maritime transport accounted for over 99% of exports and 93% of imports, with Apapa Port handling ₦15.48tn in exports and ₦4.92tn in imports, underscoring its central role in Nigeria’s trade flows.