Nigeria recorded a significant improvement in its merchandise trade balance in the first quarter of 2026, as stronger exports and lower imports pushed the country’s trade surplus to N7.55tn.
This was disclosed in the National Bureau of Statistics’ Foreign Trade in Goods Statistics report released on Monday.
According to the report, total trade stood at N34.79tn during the quarter. Exports accounted for N21.17tn, while imports amounted to N13.62tn.
The NBS stated that the merchandise trade balance remained positive at N7.55tn, representing a 340.88 per cent increase compared to the previous quarter.
“The merchandise trade balance for Q1 2026 remained positive at N7.55tn, indicating an increase of 340.88 per cent compared to the value recorded in the preceding quarter,” the report stated.
The statistics office attributed the strong performance largely to higher crude oil exports and reduced petroleum product imports.
Exports increased by 2.77 per cent compared to N20.60tn recorded in the corresponding period of 2025. They also rose by 11.63 per cent from N18.96tn reported in the fourth quarter of 2025.
Exports represented 60.85 per cent of total trade during the review period.
Crude oil remained Nigeria’s largest export commodity, generating N11.20tn and accounting for 52.92 per cent of total exports.
Although crude oil export earnings declined by 13.53 per cent year-on-year from N12.96tn, they increased by 15.45 per cent compared to the previous quarter.
Non-crude oil exports stood at N9.97tn, while non-oil exports contributed N3.19tn, representing 15.05 per cent of total exports.
The report also showed that exports of other petroleum products surged by 51.49 per cent year-on-year to N6.78tn.
India emerged as Nigeria’s top export destination during the quarter, receiving goods valued at N2.77tn. This represented 13.09 per cent of total exports.
France followed with N1.97tn, while the Netherlands recorded N1.95tn. Spain imported goods worth N1.63tn, while exports to the United States stood at N1.18tn.
Together, these five countries accounted for 44.84 per cent of Nigeria’s total exports.
The NBS noted that mineral products dominated exports, accounting for N18.16tn or 85.77 per cent of total export value.
Europe remained the leading destination for Nigerian exports, accounting for N7.93tn or 37.44 per cent of total exports. Asia followed with exports worth N6.42tn.
On the import side, Nigeria’s import bill declined sharply to N13.62tn.
This represented an 18.17 per cent drop from N16.64tn recorded in the first quarter of 2025 and a 21.05 per cent decline from N17.25tn reported in the previous quarter.
Imports accounted for 39.15 per cent of total trade.
Machinery and transport equipment remained the largest import category, valued at N5.01tn and accounting for 36.79 per cent of total imports.
Mineral fuels followed with N2.65tn, while chemicals and related products accounted for N2.02tn.
China maintained its position as Nigeria’s largest source of imports, supplying goods worth N5.10tn or 37.42 per cent of total imports.
The United States ranked second with imports valued at N2.81tn. India, Germany and the United Arab Emirates also featured among Nigeria’s top import partners.
According to the report, the leading imported products included crude petroleum oils valued at N1.91tn, gas oil worth N364.42bn, durum wheat valued at N340.07bn, telecommunications equipment worth N299.56bn and used diesel vehicles valued at N284.07bn.
Sectoral data showed mixed results during the quarter.
Agricultural exports declined by 31.2 per cent to N1.17tn from N1.70tn recorded in the corresponding quarter of 2025. Agricultural imports also fell by 20.09 per cent to N827.72bn.
Superior quality cocoa beans remained Nigeria’s leading agricultural export, generating N596.90bn during the period.
Raw material exports increased strongly by 46.83 per cent to N1.53tn, while solid mineral exports rose by 74.63 per cent to N102.80bn.
Manufactured goods exports recorded a modest increase of 2.79 per cent, reaching N302.64bn.
The report further showed that Nigeria maintained a substantial trade surplus with African countries.
Exports to Africa stood at N4.06tn, compared to imports valued at N654.94bn.
Togo remained Nigeria’s largest export destination within Africa, receiving goods worth N1.08tn. South Africa, Côte d’Ivoire, Egypt and Senegal also ranked among the leading destinations.
Within West Africa, exports totalled N2.27tn compared to imports of N76.54bn.
Trade with ECOWAS member states generated exports worth N2.20tn, while imports stood at N65.91bn.
Petroleum products remained the dominant export commodity to both West African and ECOWAS markets.
The NBS also highlighted the importance of maritime transport in Nigeria’s trade activities.
According to the report, maritime transport accounted for 99.07 per cent of exports and 92.93 per cent of imports during the quarter.
Apapa Port handled the largest share of trade flows, recording N15.48tn in exports and N4.92tn in imports, making it Nigeria’s busiest trade gateway in the first quarter of 2026.
