By Seun Ibiyemi
Nigeria recorded a merchandise trade surplus of N7.55 trillion in the first quarter of 2026, driven by stronger crude oil exports and a significant decline in imports, according to the latest Foreign Trade in Goods Statistics Report released by the National Bureau of Statistics (NBS).
The report showed that the country’s total merchandise trade stood at N34.79 trillion during the period, reflecting a decline from N37.24 trillion recorded in the corresponding quarter of 2025 and N36.21 trillion posted in the fourth quarter of 2025.
Despite the decline in overall trade volume, export performance remained resilient, with total exports rising to N21.17 trillion, accounting for 60.85 per cent of total trade.
The figure represents a 2.77 per cent increase from the N20.60 trillion recorded in the first quarter of 2025 and an 11.63 per cent rise compared with N18.96 trillion in the preceding quarter.
Crude oil continued to dominate Nigeria’s export earnings, generating N11.20 trillion and accounting for 52.92 per cent of total exports during the review period.
The NBS report showed that non-crude oil exports contributed N9.97 trillion, representing 47.08 per cent of total exports, while non-oil exports accounted for N3.19 trillion or 15.05 per cent of the country’s total export earnings.
India emerged as Nigeria’s leading export destination during the quarter, followed by France, the Netherlands, Spain and the United States.
Major export commodities included crude oil, natural gas, urea, other petroleum gases in gaseous form and aviation kerosene.
On the import side, total imports fell sharply to N13.62 trillion, accounting for 39.15 per cent of total trade.
The figure represents an 18.17 per cent decline compared with N16.64 trillion recorded in the first quarter of 2025 and a 21.05 per cent decrease from N17.25 trillion recorded in the final quarter of 2025.
China maintained its position as Nigeria’s largest import trading partner, followed by India, the United States, the Netherlands and the United Arab Emirates.
The most imported products during the quarter were machinery and transport equipment valued at N5.01 trillion, mineral fuels worth N2.65 trillion and chemicals and related products valued at N2.02 trillion.
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The sharp reduction in imports, combined with stronger export earnings, pushed Nigeria’s trade balance to a positive N7.55 trillion, underscoring an improvement in the country’s external trade position.
According to the NBS, the trade surplus increased significantly due to lower petroleum product imports and higher crude oil export earnings.
Analysts say the development reflects ongoing efforts to strengthen domestic refining capacity and reduce dependence on imported fuel products, while improved crude oil production and exports continue to support foreign exchange inflows.
The positive trade balance is expected to provide support for Nigeria’s external reserves and contribute to macroeconomic stability, although experts note that sustained diversification of exports remains critical to reducing the economy’s reliance on crude oil revenues.
