Nigeria’s trade balance jumps 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.

Latest figures show that the country posted a trade surplus of N7.55 trillion between January and March 2026, an increase of 91 per cent compared to the trade surplus of N3.95 trillion recorded in the same quarter of 2025.

The stronger surplus occurred despite a contraction in overall trade activity, as the sharp drop in imports far outweighed the increase 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 the previous year.

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

At the same time, export earnings increased to N21.17 trillion, representing an increase compared to N20.60 trillion generated in the same quarter of 2025 and N18.96 trillion recorded in the previous quarter.

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

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The NBS stated: “In the first quarter of 2026, Nigeria’s five main trade export partners will be India, France, the Netherlands, Spain and the United States. The most exported commodities are crude oil, natural gas, Urea, both in aqueous solution and not, other petroleum gases in gaseous form, and kerosene type jet fuel.

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

Sectoral data shows mixed performance across key segments of the economy.

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

On the export side, shipments of agricultural products weakened significantly, falling to N1.17 trillion from the highest level recorded in the previous period. On the other hand, exports of raw materials have increased rapidly, indicating the growing demand for Nigerian industrial inputs in the international market.

Crude oil remained Nigeria’s dominant export commodity, earning N11.20 trillion in the quarter. However, revenues from crude oil exports were lower than the amounts recorded in the same period in 2025, despite a significant recovery compared to the last quarter of last year.

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

The report highlights the changing trade landscape where lower import bills and improved non-traditional export performance are helping to strengthen Nigeria’s external position despite a slowdown in overall trade volumes.

The figures also show that although the country still relies heavily on energy exports to earn foreign exchange, increased exports of raw materials and refined oil products are starting to play a larger role in supporting trade performance and improving the balance of payments.