Nigeria’s Trade Surplus Hits N7.55trn In Q1 2026 As Import Bill Drops N3trn

By Àkànní Olúwaségún Michael

Nigeria recorded a merchandise trade surplus of N7.55 trillion in the first quarter of 2026, a 340.88 per cent jump from the preceding quarter, as total imports fell sharply while export earnings climbed.

This is contained in the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).

The Foreign Trade in Goods Statistics report for Q1 2026, showed total exports rising to N21.17 trillion, up 2.77 per cent year-on-year from N20.60 trillion in Q1 2025, and 11.63 per cent higher than the N18.96 trillion recorded in Q4 2025.

Total imports fell to N13.62 trillion, down 18.17 per cent from N16.64 trillion in the same period last year and 21.05 per cent below the N17.25 trillion recorded in Q4 2025.

The NBS attributed the improved balance largely to a steep decline in petroleum product imports and a recovery in crude oil export volumes during the quarter.

Crude oil earns N11.2TRN, but Nigeria still imports N1.9TRN worth of own resources

Crude oil remained Nigeria’s dominant export commodity, contributing N11.20 trillion or 52.92 per cent of total exports in the quarter.

The figure, however, represented a 13.53 per cent decline from N12.96 trillion in Q1 2025, even as it recovered 15.45 per cent from the N9.70 trillion recorded in Q4 2025.

Other petroleum oil products added N6.78 trillion or 32.03 per cent of exports, a 51.49 per cent surge from N4.48 trillion in Q1 2025. Together, oil and related products accounted for nearly 85 per cent of Nigeria’s total export earnings.

Non-oil exports contributed just N3.19 trillion, or 15.05 per cent of total exports, a share that has remained broadly stagnant.

The continued importation of crude oil, N1.91 trillion worth, or 14 per cent of total imports, into Africa’s largest oil producer remains one of the more striking indicators of Nigeria’s refining deficit or low patronage of locally-refined products.

China still dominates Nigeria’s shopping basket

On the import side, China retained its position as Nigeria’s largest source of goods, accounting for N5.10 trillion or 37.42 per cent of total imports.

The United States followed at N2.81 trillion (20.60 per cent), with India, Germany, and the United Arab Emirates completing the top five.

The dominance of Asia as an import source remained pronounced with goods from the continent totaling N7.55 trillion, equivalent to 55.45 per cent of Nigeria’s total import bill.

Imports from African countries, by contrast, stood at just N654.94 billion, a mere 4.81 per cent of total imports, pointing to the shallow depth of intra-continental trade despite years of regional integration frameworks, including the African Continental Free Trade Area (AfCFTA)

The most imported commodities during the quarter included crude petroleum oils, gas oil, durum wheat, electronic data transmission equipment, and used diesel-engine vehicles.

While most import categories contracted in Q1 2026, the value of manufactured goods imported bucked the trend, rising 12.94 per cent year-on-year to N8.48 trillion.

Agricultural imports dropped 20.09 per cent to N827.72 billion, raw material imports fell 12.63 per cent to N1.58 trillion, and solid mineral imports declined 24 per cent to N69.75 billion.

The steepest fall came in other oil product imports, which collapsed 85.05 per cent to N748.10 billion from N5.01 trillion in Q1 2025.