Nigeria records N7.55 trillion trade surplus in Q1 2026 as exports rise, imports fall
By Aboki Forex —
The National Bureau of Statistics (NBS) has reported that Nigeria posted a trade surplus of N7.55 trillion in the first quarter of 2026. This was driven by a rise in export earnings and a decline in the value of goods brought into the country.
According to the NBS report titled “Foreign Trade Statistics Q1 2026,” total trade volume stood at N34.79 trillion between January and March 2026. Exports hit N21.17 trillion, up 2.77% from N20.60 trillion in Q1 2025. Compared to the previous quarter, exports grew by 11.63% from N18.96 trillion in Q4 2025.
Imports, on the other hand, fell sharply. Total imports dropped to N13.62 trillion in Q1 2026, an 18.17% decline from N16.64 trillion in Q1 2025. This was also a 21.05% decrease from the N17.25 trillion recorded in Q4 2025.
A trade surplus occurs when a country sells more to other nations than it buys from them. It means Nigeria earned more foreign exchange from exports than it spent on imports during the period.
Crude oil remained Nigeria’s top export, though earnings from it declined. Crude oil exports totalled N11.20 trillion in Q1 2026, down 13.53% from N12.96 trillion in the same quarter of 2025. Other oil products, however, saw a strong jump. Their export value rose to N6.78 trillion, a 51.49% increase from N4.48 trillion in Q1 2025. That figure was also up 10.88% from N6.12 trillion in Q4 2025.
India was the top destination for Nigerian goods in Q1 2026, followed by France, the Netherlands, Spain, and the United States. On the import side, China remained Nigeria’s leading supplier. The United States, India, Germany, and the United Arab Emirates also made the list of top import partners.
Manufactured goods were the most imported category, accounting for N8.48 trillion. This was 12.94% higher than the N7.51 trillion recorded in Q1 2025 but 2.89% lower than the N8.80 trillion in Q4 2025. Agricultural imports stood at N827.72 billion, while raw material imports totalled N1.58 trillion.
Key figures at a glance
Exports: N21.17 trillion
Imports: N13.62 trillion
Trade surplus: N7.55 trillion
Crude oil exports: N11.20 trillion
Other oil products exports: N6.78 trillion