Lower fuel imports and stronger export earnings drive a sharp improvement in the country’s trade position during the first quarter of 2026….
Nigeria recorded one of its strongest trade performances in recent years during the first quarter of 2026, with the country’s trade surplus surging to ₦7.55 trillion on the back of rising exports and a significant decline in imports.
Fresh data released by the National Bureau of Statistics (NBS) showed that total merchandise trade reached ₦34.79 trillion between January and March, with exports accounting for ₦21.17 trillion while imports stood at ₦13.62 trillion.
The result was a trade surplus of ₦7.55 trillion, representing a remarkable 340.88 per cent increase compared to the previous quarter and underscoring a major shift in Nigeria’s external trade dynamics.
According to the NBS, the improvement was driven largely by stronger export performance and a sharp reduction in imports, particularly petroleum-related products.
Exports remained the dominant component of Nigeria’s trade activities during the quarter, contributing nearly 61 per cent of total trade.
Crude oil retained its position as the country’s biggest export earner, generating ₦11.20 trillion and accounting for more than half of total export receipts. Although crude oil earnings were lower than levels recorded a year earlier, they improved significantly compared to the preceding quarter.
Beyond crude oil, exports of other petroleum products recorded strong growth, rising by more than 51 per cent year-on-year to ₦6.78 trillion, reflecting increasing activity within the country’s downstream petroleum sector.
Non-oil exports also contributed to overall trade performance, generating ₦3.19 trillion during the period.
India emerged as Nigeria’s largest export destination, receiving goods valued at ₦2.77 trillion. France, the Netherlands, Spain, and the United States completed the top five export markets, collectively accounting for nearly 45 per cent of Nigeria’s total exports.
A closer look at export composition revealed the continued dominance of mineral products, which accounted for more than 85 per cent of all exports during the quarter.
On the import side, Nigeria recorded a substantial decline in spending, with the import bill falling by more than 18 per cent year-on-year and over 21 per cent compared to the previous quarter.
The reduction in imports reflects changing consumption patterns, lower fuel import dependence, and ongoing adjustments in the country’s trade structure.
Machinery and transport equipment remained the largest import category, followed by mineral fuels and chemical products.
China maintained its position as Nigeria’s biggest source of imports, supplying goods worth ₦5.10 trillion during the quarter. The United States, India, Germany, and the United Arab Emirates also ranked among the country’s leading trading partners.
Among the most imported products were crude petroleum oils, gas oil, wheat, telecommunications equipment, and used diesel-powered vehicles.
The report also highlighted varying performances across different sectors of the economy.
Agricultural exports declined significantly during the period, although cocoa remained Nigeria’s leading agricultural export product. In contrast, exports of raw materials and solid minerals recorded strong growth, while manufactured goods exports posted modest gains.
Nigeria also maintained a strong trade advantage within Africa.
Exports to African countries exceeded ₦4 trillion, compared to imports of less than ₦700 billion, resulting in a substantial trade surplus across the continent.
Within West Africa and the ECOWAS region, Nigeria’s export dominance remained even more pronounced, with petroleum products continuing to drive trade flows.
The latest figures also underscore the strategic importance of maritime transport to the country’s economy. More than 99 per cent of exports and nearly 93 per cent of imports moved through seaports, with Apapa Port retaining its position as Nigeria’s busiest trade gateway.
Economists say the widening trade surplus could provide support for Nigeria’s foreign exchange position, strengthen external reserves, and improve investor confidence if the trend is sustained.
The first-quarter performance also reflects the growing impact of reduced fuel imports, expanding local refining capacity, and stronger export activity developments that are increasingly reshaping Nigeria’s trade profile and external sector outlook.
