Nigeria’s Trade Surplus Soars 341% to ₦7.55tn as Exports Outpace Imports — NBS

Lagos, Nigeria – June 8, 2026

Nigeria recorded a significant improvement in its trade performance in the first quarter of 2026, with the country’s merchandise trade surplus surging by 340.88 per cent to ₦7.55 trillion, according to the latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS).

The report showed that total merchandise trade stood at ₦34.79 trillion during the quarter, driven by stronger export earnings and a sharp decline in imports.

Exports amounted to ₦21.17 trillion, while imports stood at ₦13.62 trillion, resulting in a positive trade balance of ₦7.55 trillion.

According to the NBS, the latest surplus represents one of the strongest quarterly trade performances recorded in recent years.

“The merchandise trade balance for Q1 2026 remained positive at ₦7.55 trillion, indicating an increase of 340.88 per cent compared to the value recorded in the preceding quarter,” the agency stated.

The improvement was largely attributed to rising crude oil exports and a substantial reduction in petroleum product imports.

Exports Continue to Drive Trade Growth

Nigeria’s exports increased by 11.63 per cent compared to the previous quarter and rose by 2.77 per cent year-on-year, climbing from ₦20.60 trillion recorded in the first quarter of 2025 to ₦21.17 trillion in the corresponding period of 2026.

Exports accounted for 60.85 per cent of the country’s total trade during the quarter.

Crude oil remained the dominant driver of export earnings, generating ₦11.20 trillion and contributing 52.92 per cent of total exports.

Although crude oil export earnings were lower than the ₦12.96 trillion recorded a year earlier, they rose by 15.45 per cent compared to the previous quarter.

Other petroleum product exports recorded particularly strong growth, increasing by 51.49 per cent year-on-year to ₦6.78 trillion.

Non-crude oil exports stood at ₦9.97 trillion, while non-oil exports contributed ₦3.19 trillion, accounting for 15.05 per cent of total exports.

The figures suggest continued efforts to diversify export earnings beyond crude oil, although hydrocarbons remain overwhelmingly dominant in Nigeria’s export basket.

India Leads Nigeria’s Export Markets

India emerged as Nigeria’s largest export destination during the quarter, purchasing goods worth ₦2.77 trillion.

France followed with ₦1.97 trillion, while the Netherlands accounted for ₦1.95 trillion. Spain and the United States completed the top five export destinations with ₦1.63 trillion and ₦1.18 trillion respectively.

Together, these five countries accounted for nearly 45 per cent of Nigeria’s total exports.

The report further showed that mineral products remained the backbone of Nigeria’s export trade, contributing ₦18.16 trillion and representing 85.77 per cent of total exports.

By region, Europe remained Nigeria’s largest export market with ₦7.93 trillion in exports, followed by Asia with ₦6.42 trillion.

Imports Decline Sharply

While exports strengthened, imports recorded a substantial decline.

Nigeria’s import bill fell to ₦13.62 trillion, representing an 18.17 per cent decrease from the ₦16.64 trillion recorded in the corresponding period of 2025.

Imports also dropped by 21.05 per cent compared to the final quarter of 2025.

The reduction in imports played a significant role in widening the country’s trade surplus.

Machinery and transport equipment remained Nigeria’s largest import category, accounting for ₦5.01 trillion or 36.79 per cent of total imports.

Mineral fuels followed at ₦2.65 trillion, while chemicals and related products accounted for ₦2.02 trillion.

China Retains Position as Nigeria’s Top Import Source

China remained Nigeria’s largest source of imported goods during the quarter.

Imports from China were valued at ₦5.10 trillion, accounting for 37.42 per cent of Nigeria’s total imports.

The United States ranked second with imports worth ₦2.81 trillion.

India, Germany, and the United Arab Emirates also featured among Nigeria’s leading import partners.

Among the most imported products were crude petroleum oils valued at ₦1.91 trillion, gas oil worth ₦364.42 billion, durum wheat valued at ₦340.07 billion, telecommunications equipment worth ₦299.56 billion, and used diesel-powered vehicles valued at ₦284.07 billion.

Mixed Performance Across Key Sectors

The report revealed varying fortunes across different sectors of the economy.

Agricultural exports declined significantly by 31.2 per cent, falling from ₦1.70 trillion in the first quarter of 2025 to ₦1.17 trillion during the review period.

Agricultural imports also declined by 20.09 per cent to ₦827.72 billion.

Despite the decline, superior-quality cocoa beans remained Nigeria’s leading agricultural export, generating ₦596.90 billion.

Raw material exports recorded robust growth, increasing by 46.83 per cent to ₦1.53 trillion.

Similarly, solid mineral exports rose by 74.63 per cent to ₦102.80 billion, while manufactured goods exports posted a modest increase of 2.79 per cent to ₦302.64 billion.

The figures suggest growing activity within the solid minerals and raw materials sectors, though manufacturing exports remain relatively small compared to the country’s overall trade volume.

Strong Trade Surplus With Africa

Nigeria also maintained a healthy trade surplus with African countries.

Exports to Africa stood at ₦4.06 trillion, while imports from the continent amounted to ₦654.94 billion.

Within Africa, Togo emerged as Nigeria’s largest export destination with goods valued at ₦1.08 trillion.

South Africa, Côte d’Ivoire, Egypt, and Senegal also ranked among Nigeria’s leading African trade partners.

Trade within West Africa remained particularly favourable to Nigeria.

Exports to West African countries totalled ₦2.27 trillion, compared to imports of just ₦76.54 billion.

Similarly, exports to ECOWAS member states reached ₦2.20 trillion against imports worth ₦65.91 billion.

Petroleum products remained the principal commodity driving Nigeria’s exports within the sub-region.

Apapa Port Dominates Trade Activity

Maritime transportation continued to serve as the backbone of Nigeria’s international trade.

The report showed that sea transport accounted for 99.07 per cent of exports and 92.93 per cent of imports during the quarter.

Apapa Port remained Nigeria’s busiest trade gateway, handling exports worth ₦15.48 trillion and imports valued at ₦4.92 trillion.

The dominance of maritime transport underscores the critical role of Nigeria’s ports in facilitating international commerce and supporting economic activity.

What the Numbers Mean

The first-quarter trade figures present encouraging signs for Nigeria’s external sector, particularly the sharp rise in trade surplus and reduction in import dependence.

However, the data also reveal the economy’s continued reliance on crude oil and petroleum-related exports for foreign exchange earnings.

While growth in raw materials and solid mineral exports offers positive signals, the relatively modest contribution of manufactured goods highlights the need for stronger industrialisation and export diversification.

Sustaining the current trade surplus will likely depend on Nigeria’s ability to deepen value addition, expand non-oil exports, improve competitiveness, and reduce dependence on imported goods.

The Conscience Call

A growing trade surplus is good news for the economy, but numbers alone do not guarantee prosperity. The real question is whether Nigeria is producing more value or simply benefiting from favourable commodity cycles.

The latest figures reveal both progress and vulnerability. While export earnings are rising, crude oil and petroleum products continue to dominate the country’s trade profile. True economic resilience will come when manufactured goods, processed agricultural products, technology, and industrial exports contribute significantly to national earnings.

A sustainable economy is built not merely on what it extracts from the ground, but on what it creates, processes, and exports to the world.

Questions for the Nation

• How can Nigeria reduce its continued dependence on crude oil export earnings?
• What policies are needed to accelerate manufactured and value-added exports?
• Why do agricultural exports continue to underperform despite Nigeria’s vast agricultural potential?
• How can the country leverage the African Continental Free Trade Area (AfCFTA) to expand exports?
• What reforms are necessary to make Nigerian products more competitive in global markets?

The Conscience Times
Nurturing a Conscience-Driven Society