Nigeria Sees Trade Surplus Soar by 220% to Reach $480 Million

Nigeria's trade surplus soared to $480 million in January 2026, fueled by a significant 4.46 percent increase in export receipts, which reached a record $4.68 billion, largely due to a surge in petroleum products. This notable surge in export receipts was primarily driven by the export of petroleum products.

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The country's trade surplus experienced a substantial 220 percent month-on-month increase compared to the $150 million recorded in December 2025, according to the Central Bank of Nigeria's January Monthly Economic Report. The report highlighted the significant role of petroleum products in the country's export earnings.

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The Central Bank of Nigeria disclosed that while export earnings rose, import bills also increased by 3.0 percent to $4.77 billion, with oil and gas products accounting for 83.12 percent of total export receipts. This increase in import bills was largely due to a decline in the import of oil products.

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Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts, as noted by the Central Bank of Nigeria. The bank attributed the higher surplus to the 4.46 percent increase in export to $4.68 billion, following the increase in the export of petroleum products.

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The composition of export showed that crude oil, gas, and refined petroleum products accounted for 83.12 percent of total receipts, while non-oil exports earnings constituted the balance, according to the Central Bank of Nigeria's analysis. Non-oil product imports accounted for 86.43 percent, while oil imports constituted the balance.

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Aggregate receipts from oil exports rose by 7.46 percent to $3.89 billion from $3.62 billion, due largely to the increase in crude oil export receipts, the Central Bank of Nigeria reported. This increase was driven by supply disruptions that led to a rise in the average price of crude oil.

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Crude oil export receipts increased to $2.47 billion from $2.72 billion in the preceding month, despite the decline in value, due to a rise in the average price of crude oil. Earnings from gas exports also rose to $750 million from $720 million.

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Non-oil export earnings moderated in the review period, with earnings falling by 5.88 percent to $800 million relative to the level in the preceding month. The decline in non-oil export earnings was largely due to lower earnings from the export of agricultural products.

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The decline in non-oil export earnings was attributed to the export of agricultural products, particularly cocoa beans, as improved weather conditions boosted West African harvest prospects, leading to a decline in prices. This development resulted in a decline in earnings from the export of cocoa beans.