Nigeria Achieves N7.54tr Trade Surplus in Q1 2026

In the first quarter of 2026, Nigeria achieved a trade surplus of N7.54 trillion, as reported by the National Bureau of Statistics. The total foreign trade for this period was valued at N34.78 trillion, marking a 2.77% increase from N20.59 trillion in the corresponding quarter of 2025.

Exports accounted for N21.16 trillion, while imports were valued at N13.61 trillion, reflecting an 18.17% decrease compared to N16.64 trillion in Q1 2025. Crude oil remained Nigeria's primary export commodity, valued at N11.2 trillion, which constituted 52.92% of total exports.

Non-crude oil exports stood at N9.96 trillion, with agricultural goods contributing N1.17 trillion, representing a 31.20% decline from the previous year. China was the leading source of imports during this quarter, followed by the United States, India, Germany, and the United Arab Emirates.

The report also highlighted significant decreases in the importation of agricultural goods and raw materials.