Nigeria’s National Bureau of Statistics (NBS) says that the country recorded a sharp improvement in its merchandise trade balance in the first quarter of 2026 as exports rose and imports declined significantly, pushing the trade surplus to N7.55tn.
According to the Foreign Trade in Goods Statistics report of the NBS released on Monday, total trade stood at N34.79tn in the review period, with exports accounting for N21.17tn and imports amounting to N13.62tn.
The report showed that the trade balance remained positive at N7.55tn, representing a 340.88 per cent increase compared to the preceding quarter.
“The merchandise trade balance for Q1 2026 remained positive at N7.55tn, indicating an increase of 340.88 per cent compared to the value recorded in the preceding quarter,” the NBS said, attributing the development largely to lower petroleum product imports and higher crude oil exports.
The statistics office disclosed that total exports rose by 2.77 per cent year-on-year from N20.60tn recorded in the corresponding period of 2025 and increased by 11.63 per cent from N18.96tn in the fourth quarter of 2025.
According to the report,exports accounted for 60.85 per cent of total trade during the quarter, while crude oil remained Nigeria’s dominant export commodity, generating N11.20tn and accounting for 52.92 per cent of total exports.
The non-crude oil exports stood at N9.97tn, while non-oil exports contributed N3.19tn, representing 15.05 per cent of total exports.
The report noted that crude oil exports, despite declining by 13.53 per cent from N12.96tn recorded a year earlier, increased by 15.45 per cent compared to the previous quarter.
Other petroleum product exports surged by 51.49 per cent year-on-year to N6.78tn.
India emerged as Nigeria’s largest export destination during the quarter with goods valued at N2.77tn, representing 13.09 per cent of total exports.
It was followed by France with N1.97tn, the Netherlands with N1.95tn, Spain with N1.63tn and the United States with N1.18tn.
According to the report, the five countries accounted for 44.84 per cent of Nigeria’s total exports.
On the import side, Nigeria’s import bill fell sharply to N13.62tn, representing an 18.17 per cent decline from N16.64tn recorded in the first quarter of 2025 and a 21.05 per cent decrease from N17.25tn in the preceding quarter. Imports accounted for 39.15 per cent of total trade.
The report added that machinery and transport equipment remained the largest import category, valued at N5.01tn and accounting for 36.79 per cent of total imports.
Mineral fuels followed with N2.65tn, while chemicals and related products accounted for N2.02tn.
China retained its position as Nigeria’s largest source of imports, supplying goods worth N5.10tn or 37.42 per cent of total imports.
The United States followed with imports valued at N2.81tn, while India, Germany and the United Arab Emirates completed the top five import sources.
The NBS stated that imports were driven largely by crude petroleum oils valued at N1.91tn, gas oil worth N364.42bn, durum wheat valued at N340.07bn, telecommunications equipment worth N299.56bn and used diesel vehicles valued at N284.07bn.
GIK/APA