Nigeria’s trade surplus rises 91% to N7.55trn in Q1’26
Nigeria’s Trade Surplus Surges 91% in Q1 2026
By Progress Godfrey
LAGOS, Nigeria — Nigeria’s trade surplus reached N7.55 trillion in the first quarter of 2026, marking a 91% increase from N3.95 trillion reported during the same period in 2025. This substantial growth was attributed to a significant decline in imports, alongside a modest rise in exports, according to data released by the National Bureau of Statistics (NBS) on Tuesday.
The NBS reported a 6.48% year-over-year decrease in total trade, which fell to N34.79 trillion in Q1 2026 from N37.24 trillion in Q1 2025. The drop in total trade was driven by an 18.6% decline in imports and a 2.77% increase in exports.
In Q1 2026, the value of total imports was recorded at N13.62 trillion, a decrease of 18.17% from N16.64 trillion in Q1 2025, and a 21.05% drop compared to N17.25 trillion in the previous quarter. Conversely, total exports rose to N21.17 trillion, up 2.77% from N20.60 trillion in Q1 2025, and 11.63% from N18.96 trillion in Q4 2025.
Agricultural imports fell to N827.72 billion, reflecting a year-on-year decline of 20.09%, and a quarter-on-quarter decrease of 42.39%. Raw material imports also saw a reduction, totaling N1.58 trillion, which represented a 12.63% decrease year-over-year and a 32.72% drop compared to Q4 2025.
On the agricultural export front, figures showed a decline to N1.17 trillion, down 31.20% year-on-year and 11.39% quarter-on-quarter. In contrast, raw material exports experienced growth, increasing to N1.53 trillion, indicative of robust demand for industrial inputs.
The NBS highlighted that Nigeria’s primary trading partners for exports in Q1 2026 included India, France, the Netherlands, Spain, and the United States. The leading exported commodities were crude oil, natural gas, urea, various petroleum gases, and kerosene-type jet fuel.
The report also noted that the value of raw material exports reached N1.53 trillion, marking a 46.83% increase from N1.04 trillion in Q1 2025 and a 28.62% rise from N1.19 trillion in Q4 2025. Crude oil exports, valued at N11.20 trillion, represented a decline of 13.53% year-over-year but a rebound of 15.45% from the previous quarter. Other oil product exports surged to N6.78 trillion, driven by stronger global demand.
