Nigeria recorded a sharp improvement in its external trade position in the first quarter of 2026, posting a 7.55 trillion naira (US$5.56 billion) merchandise trade surplus as rising exports and a significant drop in imports boosted the country’s overall balance, official data showed Monday.
Figures released by the National Bureau of Statistics (NBS) indicate that total merchandise trade stood at 34.79 trillion naira (US$25.58 billion) during the period, with exports accounting for 21.17 trillion naira (US$15.57 billion) and imports at 13.62 trillion naira (US$10.02 billion).
The resulting trade surplus of 7.55 trillion naira (US$5.56 billion) represents a dramatic 340.88 percent increase compared with the previous quarter, reflecting stronger crude oil receipts and reduced import demand, particularly for petroleum products.
According to the NBS, exports rose by 2.77 percent year-on-year and climbed 11.63 percent quarter-on-quarter, supported by higher crude oil shipments and a rebound in petroleum-related exports.
Crude oil remained Nigeria’s dominant export earner, generating 11.20 trillion naira (US$8.24 billion) and accounting for nearly 53 percent of total exports.
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Non-crude oil exports were valued at 9.97 trillion naira (US$7.33 billion), while non-oil exports stood at 3.19 trillion naira (US$2.35 billion), underscoring the continued reliance on hydrocarbons despite efforts to diversify the economy.
The report noted that crude oil exports declined by 13.53 percent compared with the same period in 2025, but still increased by 15.45 percent relative to the previous quarter, reflecting short-term recovery in production and pricing conditions.
Exports of other petroleum products surged by 51.49 percent year-on-year, reaching 6.78 trillion naira (US$4.98 billion) and further strengthening Nigeria’s external earnings position.
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On the demand side, imports fell sharply to 13.62 trillion naira (US$10.02 billion), marking an 18.17 percent decline year-on-year and a 21.05 percent drop quarter-on-quarter.
The NBS attributed the decline mainly to reduced purchases of petroleum products and lower importation of certain industrial inputs.
Machinery and transport equipment remained the largest import category at 5.01 trillion naira ($3.69 billion), accounting for about 36.8 percent of total imports.
Mineral fuels and related products followed at 2.65 trillion naira (US$1.95 billion), while chemicals and related products accounted for 2.02 trillion naira (US$1.49 billion).
China maintained its position as Nigeria’s largest trading partner on the import side, supplying goods worth 5.10 trillion naira (US$3.75 billion), or 37.4 percent of total imports.
The United States followed with 2.81 trillion naira (US$2.07 billion), while India, Germany and the United Arab Emirates completed the top five import sources.
On the export side, India emerged as Nigeria’s largest destination, importing goods worth 2.77 trillion naira ($2.04 billion), or 13.1 percent of total exports.
France and the Netherlands followed closely, with exports valued at 1.97 trillion naira (US$1.45 billion) and 1.95 trillion naira ($1.43 billion) respectively, while Spain and the United States also ranked among Nigeria’s top five export markets.
Together, these five countries accounted for nearly 45 percent of Nigeria’s total exports, highlighting the concentration of Nigeria’s external trade relationships.
Analysts say the widening surplus reflects both improved export performance and weaker domestic demand for imports, particularly in the energy sector.
However, they caution that Nigeria’s trade balance remains highly sensitive to global oil prices and production levels, given the continued dominance of crude oil in export earnings.
The latest figures reinforce Nigeria’s short-term external stability but also underscore the structural challenge of diversifying exports beyond hydrocarbons and reducing reliance on imported industrial inputs.
