Nigeria’s Trade Surplus grows 340% to N7.54trn in Q1 —NBS

• Up by 340%

BY BONNY AMADI

Nigeria recorded a trade surplus of N7.54 trillion in the first quarter (Q1) of 2026, the National Bureau of Statistics (NBS) said in its latest report.

In its foreign trade statistics report on Monday, the NBS said the figure indicates an increase of 340.88 percent compared to the N1.71 trillion recorded in the preceding quarter.

According to the report, the increase is largely attributed to a decrease in petroleum products imports and an increase in crude oil exports in the quarter under review.

The bureau also said total trade was N34.78 trillion in the period reviewed, with exports accounting for N21.16 trillion.

In the first quarter of 2026, total exports accounted for 60.85% of total trade with a value of N21,169.27billion, showing an increase of 2.77% over the value recorded in the corresponding quarter of 2025 (N20,598.48 billion) and an increase of 11.63% compared to the value recorded in Q4 2025 (N18,963.41 billion),” the NBS said.

Further analysis by the bureau showed that crude oil remained Nigeria’s major exported commodity in Q1 of 2026, with a value of N11.20 trillion, representing 52.92 percent of total exports.

The report added that the value of non-crude oil exports stood at N9.96 trillion, accounting for 47.08 percent of total exports.

Also, non-oil products contributed N3.18 trillion, representing 15.05 percent of total ex- ports.

On the import side, the NBS said imports accounted for 39.15 percent of total trade, with a value of N13.61 trillion in Q1 2026.

According to the report, the figure represents an 18.17 percent decrease compared to N16.64 trillion recorded in Q1 2025, and a 21.05 percent decrease from N17.25 trillion recorded in Q4 2025.

CHINA tops NIGERIA’S IMPORT DESTINATION

The statistics firm analysis showed that China remained the country’s leading source of imports in Q1 2026, with goods valued at N5.09 trillion, representing 37.42 percent of total imports.

The bureau said imports from the United States stood at N2.80 trillion (20.60 percent), followed by India with N992.87 billion (7.29 percent), Germany with N390.35 billion (2.87 percent), and the United Arab Emirates (UAE) with imports valued at N222.47 billion (1.63 percent).