Nigeria's Trade Surplus Soars to N7.55tn in Q1 2026

According to the National Bureau of Statistics (NBS), Nigeria's trade surplus increased by 341% to N7.55 trillion in the first quarter of 2026. Total trade during this period reached N34.79 trillion, with exports amounting to N21.17 trillion and imports at N13.62 trillion.

The positive trade balance of N7.55 trillion represents a 340.88% increase compared to the previous quarter. The rise in trade surplus is attributed to a significant decrease in petroleum product imports and higher crude oil exports.

Total exports rose by 2.77% year-on-year to N20.60 trillion, with crude oil accounting for N11.20 trillion, or 52.92% of total exports. India became Nigeria's largest export destination, with goods valued at N2.77 trillion, followed by France, the Netherlands, Spain, and the United States.

On the import side, Nigeria's import bill fell sharply to N13.62 trillion, an 18.17% decline from the first quarter of 2025.