Nigeria Sees 340% Surge in Trade Surplus, Reaching N7.5 Trillion

Nigeria's trade surplus experienced a significant surge, rising by 340.88 percent quarter-on-quarter to N7.55 trillion in the first quarter of 2026, up from N1.7 trillion in the preceding quarter, Q4'25.

n

This substantial increase was disclosed by the National Bureau of Statistics in its Foreign Trade in Goods Statistics Report for Q1'26, which was released on Monday.

n

The bureau attributed the growth in trade surplus to a decline in petroleum products imports and a notable increase in crude oil exports during the review period.

n

On a year-on-year basis, the trade surplus witnessed an 89 percent increase, rising from N3.5 trillion in Q1'25 to N7.55 trillion in Q1'26.

n

The National Bureau of Statistics noted that the merchandise trade balance for Q1 2026 remained positive, with a value of N7.55 trillion, representing a 340.88 percent increase compared to the preceding quarter.

n

This increase was largely driven by a decrease in petroleum products imports and an increase in crude oil exports during the quarter under review, according to the NBS.

n

Imports for the period stood at N13.62 trillion, accounting for 39.2 percent of total trade, while exports were valued at N21.2 trillion, representing 60.8 percent of total trade.

n

In the first quarter of 2026, total exports accounted for 60.85 percent of total trade, with a value of N21.2 trillion, marking a 2.77 percent increase over the value recorded in the corresponding quarter of 2025.

n

This also represented an 11.63 percent increase compared to the value recorded in Q4'25, which was N18.96 trillion.

n

Crude oil remained Nigeria's major exported commodity in the first quarter of 2026, with a value of N11.2 trillion, representing 52.92 percent of total exports.

n

A further breakdown revealed that the value of non-crude oil exports stood at N9.97 trillion, accounting for 47.08 percent of total exports, with non-oil products contributing N3.2 trillion or 15.05 percent of total exports.

n

Imports, on the other hand, accounted for 39.15 percent of total trade in the first quarter of 2026, with a value of N13.62 trillion, representing an 18.17 percent decrease compared to Q1'25 and a 21.05 percent decrease from Q4'25.