Nigeria Trade Surplus Hits N7.55 Trillion in Q1 2026 as Oil Exports Drive 340% Surge
Nigeria’s external trade performance opened 2026 on a strong note as the country recorded a massive trade surplus of N7.55 trillion in the first quarter, marking a dramatic 340.88 per cent increase compared to the N1.7 trillion recorded in the previous quarter. The latest figures, released by the National Bureau of Statistics (NBS), also show a significant improvement from the N5.17 trillion surplus posted in Q1 2025, signaling a stronger external sector position.
According to the report, the surge was largely driven by higher crude oil exports and a noticeable decline in imports, especially petroleum products. Total exports accounted for 60.85 per cent of Nigeria’s total trade, reaching N21.17 trillion in Q1 2026. This represents steady growth compared to both Q4 2025 and the same period last year, reinforcing the dominance of export earnings in shaping Nigeria’s trade balance.
Crude oil remained Nigeria’s strongest export commodity, contributing N11.20 trillion or 52.92 per cent of total exports, while non-crude oil exports stood at N9.97 trillion. However, non-oil exports—seen as key to diversification—still lagged, accounting for just 15.05 per cent of total exports. Analysts say this highlights both progress and ongoing dependency on oil revenues.
On the import side, Nigeria spent N13.62 trillion, representing 39.15 per cent of total trade and reflecting a decline of more than 18 per cent compared to the previous year. Imports from China, the United States, India, Germany, and the UAE dominated the trade mix, with key goods including petroleum oils, gas oil, wheat, machinery, and used vehicles. Agricultural imports also dropped sharply, signaling shifting consumption and supply patterns.
Despite the strong surplus, the report revealed mixed performance across non-oil sectors. Agricultural exports fell by 31.20 per cent, while manufactured goods and solid minerals showed modest but uneven growth. Nigeria’s major export destinations included India, France, the Netherlands, Spain, and the United States, with crude oil, natural gas, and urea continuing to lead outbound shipments. While the numbers reflect resilience in the trade balance, economists suggest sustained diversification will be crucial for long-term stability and reduced oil dependency.
source: The guardian