Nigeria’s trade surplus rises sharply as exports outpace imports
Nigeria’s merchandise trade balance improved significantly in the first quarter of 2026, with exports rising and imports falling. The National Bureau of Statistics (NBS) reported a trade surplus of N7.55tn, driven by higher crude oil exports and lower petroleum product imports. Crude oil remained the country’s top export, while China was the largest source of imports. The report highlighted strong trade ties with India and substantial trade surpluses with African countries.
TLDR
- The merchandise trade surplus hit N7.55tn in the first quarter of 2026, a 340.88% increase from the previous quarter.
- Total trade stood at N34.79tn, with exports at N21.17tn and imports at N13.62tn.
- Crude oil exports generated N11.20tn, making up 52.92% of total exports, while non-oil exports contributed N3.19tn.
- India was Nigeria’s largest export destination with goods valued at N2.77tn, and China was the top import source at N5.10tn.
- Maritime transport accounted for over 99% of exports and 92% of imports, with Apapa Port handling the largest share.
