Nigeria’s trade surplus rises 340% to N7.5 trn

By Elizabeth Adegbesan

Nigeria’s trade surplus expanded by 340.88 percent quarter‑on‑quarter to N7.55 trillion in the first quarter of 2026 (Q1 ’26), up from N1.70 trillion in Q4 ’25.

The National Bureau of Statistics (NBS) released the figures in its Foreign Trade in Goods Statistics (FTS) Report for Q1 ’26 on Monday.

According to the bureau, the surge was largely due to a decline in imports of petroleum products and a rise in crude‑oil exports during the period.

The report also recorded an 89 percent year‑on‑year increase, with the surplus reaching N3.50 trillion in Q1 ’25.

NBS stated: “The merchandise trade balance for Q1 2026 remained positive at N7.55 trillion, indicating an increase of 340.88 percent compared to the value recorded in the preceding quarter.”

“This increase is largely attributed to a decrease in petroleum products imports and an increase in crude oil exports in the quarter under review.”

Imports totaled N13.62 trillion, representing 39.2 percent of total trade, while exports were N21.20 trillion, accounting for 60.8 percent.

“In the first quarter of 2026, total exports accounted for 60.85 percent of total trade with a value of N21.2 trillion, showing an increase of 2.77 percent over the value recorded in the corresponding quarter of 2025 (N20.5 trillion) and an increase of 11.63 percent compared to the value recorded in Q4 ’25 (N18.96 trillion).”

“Analysis shows that crude oil remained Nigeria’s major exported commodity in the first quarter of 2026 with a value of N11.2 trillion representing 52.92 percent of total exports.”

“A further breakdown reveals that the value of non‑crude oil exports stood at N9.97 trillion accounting for 47.08 percent of total exports; of which non‑oil products contributed N3.2 trillion or 15.05 percent of total exports.”

“On the other hand, imports accounted for 39.15 percent of total trade in the first quarter of 2026, with a value of N13.62 trillion representing an 18.17 percent decrease compared to N16.64 trillion recorded in Q1 ’25, and a 21.05 percent decrease from N17.25 trillion recorded in Q4 ’25.”

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