Nigeria’s trade surplus jumps 220% to $480 million

By Elizabeth Adegbesan

Nigeria posted a trade surplus of $480 million in January 2026, up from $150 million in December 2025. The increase was driven by a 4.46 percent rise in export receipts, which reached a record $4.68 billion, largely due to petroleum products.

The Central Bank of Nigeria (CBN) reported the figures in its January Monthly Economic Report. While export earnings grew, import bills also rose by 3.0 percent to $4.77 billion. Oil and gas products accounted for 83.12 percent of total export receipts.

CBN said: “Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts. Provisional data indicated that the trade surplus rose to $480 million, from $150 million in the preceding month.”

“The higher surplus was driven by the 4.46 percent increase in export to $4.68 billion, following the increase in the export of petroleum products.”

“Import bills also increased by 3.0 percent to $4.77 billion, on account of a decline in the import of oil products.”

“Analysis of export by composition showed that crude oil, gas, and refined petroleum products accounted for 83.12 percent of total receipts, while non‑oil export earnings constituted the balance.”

“In terms of imports, non‑oil products accounted for 86.43 percent, while oil imports constituted the balance.”

“Aggregate receipts from oil exports rose by 7.46 percent to $3.89 billion from $3.62 billion, due largely to the increase in crude oil export receipts. A further disaggregation showed that crude oil export receipts increased to $2.47 billion from $2.72 billion in the preceding month, occasioned by a rise in the average price of crude oil due to supply disruptions.”

“Similarly, earnings from gas exports rose to $750 million from $720 million.”

“Non‑oil export earnings moderated in the review period.”

“At $800 million, non‑oil export earnings fell by 5.88 percent relative to the level in the preceding month.”

“The development followed lower earnings from the export of agricultural products, particularly cocoa beans, as improved weather conditions boosted West African harvest prospects, leading to a decline in prices.”

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