Nigeria’s trade surplus jumps 91% to N7.55 trillion in Q1 2026

By Progress Godfrey

Nigeria experienced a 91 percent year‑on‑year increase in its trade surplus, reaching N7.55 trillion in the first quarter of 2026 (Q1 ’26) compared with N3.95 trillion in Q1 ’25. The rise was mainly due to a sharp decline in imports and a modest increase in exports.

The National Bureau of Statistics (NBS) released the data in its “Foreign Trade in Goods for Q1 ’26” report yesterday.

The report showed total trade falling 6.48 percent year‑on‑year to N34.79 trillion in Q1 ’26 from N37.24 trillion in Q1 ’25.

Trade surplus growth and the decline in total trade were driven by an 18.6 percent year‑on‑year drop in imports and a 2.77 percent year‑on‑year rise in exports.

According to the NBS, total imports were N13.62 trillion in Q1 ’26, a 18.17 percent decrease from N16.64 trillion in the corresponding quarter of 2025 and a 21.05 percent drop from N17.25 trillion in Q4 ’25.

Exports increased to N21.17 trillion in Q1 ’26, up 2.77 percent from N20.60 trillion in Q1 ’25 and 11.63 percent higher than N18.96 trillion in Q4 ’25.

Agricultural imports were valued at N827.72 billion, down 20.09 percent year‑on‑year and 42.39 percent quarter‑on‑quarter, while raw material imports fell to N1.58 trillion, a 12.63 percent decline from Q1 ’25 and 32.72 percent lower than Q4 ’25.

Agricultural exports dropped to N1.17 trillion, down 31.20 percent year‑on‑year and 11.39 percent quarter‑on‑quarter, whereas raw material exports rose to N1.53 trillion, reflecting strong growth in industrial inputs.

The NBS noted that Nigeria’s top five export partners in Q1 ’26 were India, France, the Netherlands, Spain, and the United States. The most exported commodities were crude oil, natural gas, urea (whether or not in aqueous solution), other petroleum gases in a gaseous state, and kerosene‑type jet fuel.

In the same period, raw material exports were N1,533.75 billion, up 46.83 percent from N1,044.59 billion in Q1 ’25 and 28.62 percent from N1,192.49 billion in Q4 ’25, according to the agency.

Crude oil exports were N11.20 trillion, a 13.53 percent decline year‑on‑year despite a 15.45 percent rebound from Q4 ’25. Other oil product exports rose sharply to N6.78 trillion, supported by stronger global demand.

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