Nigeria’s Q1 2026 Merchandise Trade Hits N34.8 Trillion as Exports Outpace Imports
By Aboki Forex —
Nigeria’s merchandise trade, covering the import and export of tangible goods across borders, reached N34.8 trillion in the first quarter of 2026. Exports outpaced imports, according to data released Monday by the National Bureau of Statistics (NBS).
Total exports stood at N21.2 trillion, up 2.8% from the N20.6 trillion reported in Q1 2025. Compared to the last quarter of 2025, merchandise trade rose by 11.6%.
Total imports were estimated at N13.6 trillion, an 18.2% decline from N16.6 trillion in Q1 2025. Imports also fell by 21.1% from the N17.3 trillion posted in Q4 2025.
The trade surplus stood at N7.5 trillion, driven by robust crude oil sales. Oil, Nigeria’s biggest export earner, accounted for N11.2 trillion, more than half of total exports. Other petroleum oil products contributed N6.8 trillion, or 32% of exports. Non-oil exports, including agricultural and raw materials, were valued at N3.2 trillion.
Imports Driven by Manufactured Goods
Manufactured goods accounted for the largest share of imports, valued at N8.5 trillion, or 62.3% of total imports. Crude oil imports contributed N1.9 trillion, or 14%. Raw materials accounted for N1.6 trillion, or 11.6%. Agricultural imports totalled N827.72 billion, solid minerals N69.8 billion, and other petroleum products N748.1 billion.
Top imported products included petroleum oils (N1.9 trillion), gas oil (N364.4 billion), durum wheat (N340.1 billion), machinery for data transmission (N299.6 billion), and used vehicles (N284.1 billion).
On the export side, crude oil topped the list at N11.2 trillion, followed by natural gas (N2 trillion), urea (N1.4 trillion), other petroleum gases (N1.3 trillion), and kerosene-type jet fuel (N1.3 trillion).
Trade Partners
China remained the largest source of imports, accounting for N5.1 trillion, or 37.4%. It was followed by the United States (N2.8 trillion), India (N992.9 billion), Germany (N390.4 billion), and the UAE (N222.5 billion).
India was the top export destination, accounting for N2.8 trillion, or 13.1%. It was followed by France (N2 trillion), the Netherlands (N2 trillion), Spain (N1.6 trillion), and the United States (N1.2 trillion).
While the sharp decline in imports boosted the trade surplus, the figures underscore Nigeria’s vulnerability to global commodity price swings due to heavy reliance on oil. The NBS data also highlight the need to diversify both export destinations and product lines to strengthen resilience and reduce dependence on a few commodities and markets.