CBN report shows stronger export earnings lift surplus 220% month-on-month despite higher import bills and weaker non-oil export performance…..
Nigeria recorded a trade surplus of $480 million in January 2026, marking a sharp 220 per cent increase from the $150 million posted in December 2025, according to the latest data from the Central Bank of Nigeria.
The improvement in the external trade position was driven mainly by a rise in export earnings, which climbed 4.46 per cent month-on-month to $4.68 billion, largely supported by higher receipts from petroleum-related exports.
At the same time, import expenditure also increased by 3.0 per cent to $4.77 billion, reflecting continued demand for foreign goods even as global trade conditions remained mixed.
According to the CBN’s January Monthly Economic Report, crude oil, gas, and refined petroleum products dominated Nigeria’s export profile, accounting for 83.12 per cent of total export receipts during the period, while non-oil exports made up the remaining share.
On the import side, non-oil products accounted for 86.43 per cent of total import bills, with oil-related imports making up the balance.
The apex bank explained that aggregate oil export earnings rose by 7.46 per cent to $3.89 billion, up from $3.62 billion in the previous month, driven mainly by stronger crude oil receipts.
Crude oil export earnings were particularly boosted by higher global prices, which the CBN attributed to supply disruptions in the international market.
Gas export revenue also recorded an increase, rising to $750 million from $720 million in the preceding period.
However, non-oil exports weakened during the month under review, falling 5.88 per cent to $800 million. The decline was linked to reduced earnings from agricultural exports, especially cocoa beans, as improved weather conditions across West Africa boosted harvest expectations and softened global prices.
The CBN noted that while export performance strengthened overall, the simultaneous rise in imports slightly offset the gains, leaving the economy with a modest but improved trade surplus.
Despite the mixed signals, the January figures point to continued dominance of crude oil in Nigeria’s external trade structure, with non-oil exports still struggling to gain stronger momentum in the broader trade mix.
