Nigeria's Q1 2026 Exports Hit $15.49 Billion, Driven by Oil

In the first quarter of 2026, Nigeria's total merchandise exports reached $15.49 billion, reflecting an 11.3% increase from $13.92 billion in the same period of 2025. This marks the first year-over-year increase in Q1 exports since 2022, reversing three consecutive years of decline.

The increase was primarily driven by a substantial rise in petroleum products exports, which surged to $2.37 billion from $270.92 million a year earlier, representing a remarkable increase of approximately 773%. In contrast, crude oil exports fell to $8.11 billion in Q1 2026 from $8.59 billion in Q1 2025.

The data indicates a shift in Nigeria's export composition, with refined and other petroleum products playing a more significant role in the country's external trade, highlighting a diversification away from traditional crude oil dependence.