Nigeria Records ₦7.54 Trillion Trade Surplus in Q1 2026 as Oil Exports Surge (Up 340%)
Nigeria has recorded a massive trade breakthrough in the first quarter of 2026, posting a trade surplus of ₦7.54 trillion, according to the National Bureau of Statistics. The figure marks a dramatic 340.88% increase compared to the previous quarter, signaling a strong rebound in external trade performance driven largely by export growth and declining import pressure.
The report shows that Nigeria’s total trade volume hit ₦34.78 trillion during the period, with exports accounting for a dominant ₦21.16 trillion. This means exports made up about 60.85% of overall trade, reflecting a steady shift toward stronger export earnings and improved trade balance compared to late 2025.
A key driver of the surge was crude oil, which remained Nigeria’s top export commodity at ₦11.20 trillion, representing more than half of total exports. Non-crude oil exports also contributed significantly at ₦9.96 trillion, showing gradual diversification, while non-oil products alone added ₦3.18 trillion to the export basket.
On the import side, Nigeria saw a notable slowdown, with imports dropping to ₦13.61 trillion—down 18.17% year-on-year and over 21% from the previous quarter. China remained Nigeria’s biggest import partner, supplying goods worth ₦5.09 trillion, followed by United States, India, Germany, and the United Arab Emirates.
On the export front, Nigeria’s strongest trade relationships in Q1 2026 were led by India, followed closely by France, the Netherlands, Spain, and the United States. Together, these five markets accounted for nearly half of Nigeria’s total export earnings, highlighting the country’s diversified global trade footprint.
source: The cable