Nigeria’s trade surplus rises 220% to $480m
Nigeria Records $480 Million Trade Surplus in January 2026
By Elizabeth Adegbesan
LAGOS, Nigeria — Nigeria achieved a trade surplus of $480 million in January 2026, marking a 220 percent increase from the $150 million recorded in December 2025. The Central Bank of Nigeria (CBN) attributed this growth to a 4.46 percent rise in export receipts, which reached a record $4.68 billion, primarily due to sales of petroleum products.
In its January Monthly Economic Report, the CBN noted that while exports increased, import expenditures also climbed by 3.0 percent, totaling $4.77 billion. Oil and gas products made up 83.12 percent of total export receipts.
“Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts,” the CBN reported. It further indicated that provisional data showed the trade surplus had risen significantly compared to the previous month.
The report detailed that the increase in exports was largely driven by a surge in petroleum product sales. Aggregate receipts from oil exports rose by 7.46 percent to $3.89 billion, up from $3.62 billion. Notably, crude oil export receipts increased to $2.47 billion, despite a decrease from $2.72 billion the previous month, attributed to rising average crude oil prices amid supply disruptions.
Additionally, earnings from gas exports grew to $750 million from $720 million. However, non-oil export earnings experienced a decline, falling 5.88 percent to $800 million due to decreased sales of agricultural products, particularly cocoa beans, as improved weather conditions in West Africa boosted harvest prospects and lowered prices.
This report provides an overview of Nigeria’s current trade climate, highlighting the significant role that petroleum products continue to play in its economy.
