Nigeria’s Trade Surplus Jumps 220% to $480 Million in January 2026
By Aboki Forex —
Nigeria recorded a trade surplus of $480 million in January 2026, up from $150 million in December 2025. That is a 220 percent month-on-month increase.
The Central Bank of Nigeria disclosed this in its January Monthly Economic Report. It said the surplus was driven by a 4.46 percent rise in export receipts to a record $4.68 billion. Petroleum products led the charge.
Import bills also rose by 3.0 percent to $4.77 billion. The CBN attributed this to a decline in oil product imports.
Oil and gas products accounted for 83.12 percent of total export receipts. Crude oil, gas, and refined petroleum products made up the bulk. Non-oil exports made up the rest.
Aggregate oil export receipts increased by 7.46 percent to $3.89 billion. Crude oil export receipts alone rose to $2.47 billion from $2.72 billion. The CBN said this was due to a rise in the average price of crude oil following supply disruptions.
Earnings from gas exports also climbed to $750 million from $720 million.
Non-oil export earnings fell by 5.88 percent to $800 million. The CBN said lower earnings from agricultural products, especially cocoa beans, caused the drop. Improved weather conditions in West Africa boosted harvest prospects and pushed prices down.
On the import side, non-oil products accounted for 86.43 percent of total import bills. Oil products made up the balance.