NIGERIA'S TRADE SURPLUS SURGES 341% TO ₦7.55 TRILLION IN Q1 2026

NBS data: exports up, imports fall 18%; solid minerals at four-year high

Nigeria recorded a merchandise trade surplus of ₦7.55 trillion in the first quarter of 2026, a 340.88 per cent surge from the ₦1.71 trillion posted in the fourth quarter of 2025, as oil exports rose and the country's import bill contracted sharply, the National Bureau of Statistics reported Monday.

Total merchandise trade stood at ₦34.79 trillion in the period, with exports of ₦21.17 trillion representing 60.85 per cent of total trade. Imports fell to ₦13.62 trillion, a decline of 18.17 per cent compared to ₦16.64 trillion in Q1 2025 and a 21.05 per cent drop from ₦17.25 trillion in Q4 2025. The wide gap between exports and imports produced one of the strongest quarterly trade surpluses in recent years, the NBS said.

The sharp increase in the trade surplus was driven by a decline in petroleum product imports and a modest rise in export earnings, the bureau noted. Agricultural exports fell to ₦1.17 trillion, down 31.20 per cent year-on-year, while raw material exports rose to ₦1.53 trillion, reflecting growth in industrial inputs.

Solid mineral exports reached ₦102.80 billion, a 74.63 per cent increase from Q1 2025, while manufactured goods exports stood at ₦302.64 billion. The most exported commodities were crude oil, natural gas, urea, petroleum gases, and kerosene-type jet fuel. Nigeria's top five trading partners for exports were India, France, the Netherlands, Spain, and the United States. China remained Nigeria's leading source of imports, with machinery and transport equipment accounting for the largest import category at ₦5.01 trillion.

The trade sector contributed 17.89 per cent to Nigeria's GDP in Q1 2026, higher than the 16.84 per cent recorded in Q4 2025