Nigeria’s trade balance soars to N7.55tn as imports shrink, exports edge higher

Nigeria recorded a substantial improvement in its external trade position during the first quarter of 2026, with the country’s trade surplus almost doubling compared to the same period last year, according to newly released data from the National Bureau of Statistics.

The latest figures show that the nation posted a trade surplus of N7.55 trillion between January and March 2026, representing a 91 per cent increase over the N3.95 trillion recorded in the corresponding quarter of 2025.

The stronger surplus emerged despite an overall contraction in trade activities, as a steep decline in imports significantly outweighed a modest rise in export earnings.

Data contained in the NBS Foreign Trade in Goods Report for the first quarter of 2026 revealed that total trade transactions fell to N34.79 trillion, down from N37.24 trillion recorded in the same period of the previous year.

The improvement in the trade balance was largely driven by a sharp reduction in import spending. Total imports declined to N13.62 trillion during the quarter, compared to N16.64 trillion in the first quarter of 2025 and N17.25 trillion in the final quarter of 2025.

At the same time, export earnings increased to N21.17 trillion, representing an improvement over both the N20.60 trillion generated in the corresponding quarter of 2025 and the N18.96 trillion recorded in the preceding quarter.

Providing further details on Nigeria’s trading activities, the statistics agency identified the country’s leading export destinations and top-performing commodities.

The NBS stated: “In Q1 2026, Nigeria’s top five trading export partners were India, France, The Netherlands, Spain, and The United States of America. The most exported commodities were crude oil, natural gas, Urea, whether or not in aqueous solution, other petroleum gases in a gaseous state, and kerosene-type jet fuel.

“In the same period, the value of raw material exports stood at N1,533.75billion, representing a rise of 46.83% from N1,044.59billion in Q1 2025 and a 28.62% increase from N1,192.49 billion in Q4 2025,” the statistics agency added.

Sectoral data showed mixed performances across key segments of the economy.

Agricultural imports dropped significantly to N827.72 billion, reflecting lower demand for foreign agricultural products and reduced spending in the category. Imports of industrial raw materials also declined to N1.58 trillion.

On the export side, agricultural shipments weakened considerably, falling to N1.17 trillion from higher levels recorded in previous periods. In contrast, exports of raw materials expanded strongly, indicating rising demand for Nigerian industrial inputs in international markets.

Crude oil remained Nigeria’s dominant export commodity, generating N11.20 trillion during the quarter. However, earnings from crude exports were lower than the amount recorded in the same period of 2025, despite a notable recovery from the final quarter of last year.

Meanwhile, exports of refined and other petroleum products experienced a significant surge, climbing to N6.78 trillion as international demand strengthened.

The report underscores a changing trade landscape in which lower import bills and improving non-traditional export performance helped strengthen Nigeria’s external position despite a slowdown in overall trade volumes.

The figures also suggest that while the country continues to rely heavily on energy exports for foreign exchange earnings, growing exports of raw materials and processed petroleum products are beginning to play a larger role in supporting trade performance and improving the balance of payments.