Nigeria recorded a major boost in its foreign trade performance in the first quarter of 2026, with the country’s trade surplus jumping by an impressive 340.88 per cent to N7.55 trillion, according to fresh data released by the National Bureau of Statistics (NBS).
The latest figures show that Nigeria exported significantly more goods than it imported during the period, driven largely by stronger crude oil exports and a sharp decline in import spending.
According to the NBS report, total trade for the quarter stood at N34.79 trillion, with exports contributing N21.17 trillion while imports accounted for N13.62 trillion.
The positive balance of N7.55 trillion marks one of the strongest trade performances recorded in recent years.
“The merchandise trade balance for Q1 2026 remained positive at N7.55 trillion, indicating an increase of 340.88 per cent compared to the preceding quarter,” the NBS stated.
Crude oil continued to dominate Nigeria’s export earnings, generating N11.20 trillion and accounting for more than half of total exports during the period.
The report also revealed strong growth in exports of other petroleum products, which surged by more than 51 per cent year-on-year.
Among Nigeria’s biggest export destinations were India, France, the Netherlands, Spain, and the United States, which collectively accounted for nearly half of the country’s total exports.
While exports grew, imports recorded a significant decline.
Nigeria’s import bill dropped to N13.62 trillion, representing a reduction of over 21 per cent compared to the previous quarter.
The decline was largely attributed to lower spending on petroleum product imports and reduced import demand across several sectors.
China maintained its position as Nigeria’s largest import partner, supplying goods worth N5.10 trillion, followed by the United States, India, Germany and the United Arab Emirates.
The report also highlighted Nigeria’s strong trade position within Africa.
Exports to African countries reached N4.06 trillion, while imports from the continent stood at just N654.94 billion, resulting in a substantial trade surplus.
Within the region, Togo emerged as Nigeria’s largest export destination, followed by South Africa, Côte d’Ivoire, Egypt and Senegal.
Agricultural exports, however, recorded a decline during the quarter, dropping by over 31 per cent compared to the same period last year.
Despite the decline, superior quality cocoa beans remained Nigeria’s top agricultural export product.
The NBS report further showed that Apapa Port remained Nigeria’s busiest trade gateway, handling the largest volume of exports and imports during the period.
The latest figures suggest that Nigeria’s foreign trade performance benefited from stronger export earnings, reduced import spending and improving trade balances, offering a positive signal for the country’s external sector.
Source: National Bureau of Statistics (NBS)
