Nigeria's Trade Surplus Soars 341% to N7.55 Trillion

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, compared to the previous quarter. Total trade during this period reached N34.79 trillion, with exports accounting for N21.17 trillion and imports at N13.62 trillion.

The positive trade balance of N7.55 trillion reflects a 340.88% increase from the prior quarter. The NBS attributed this growth to a significant reduction in petroleum product imports and an increase in crude oil exports, which totaled N11.20 trillion, representing 52.92% of total exports.

Non-crude oil exports contributed N9.97 trillion, with India becoming Nigeria's largest export destination at N2.77 trillion. On the import side, Nigeria's import bill fell sharply to N13.62 trillion, an 18.17% decline from Q1 2025.

Machinery and transport equipment remained the largest import category, valued at N5.01 trillion.