Nigeria recorded a trade surplus of N7.54 trillion in the first quarter of 2026, representing a 340.88 percent increase from the N1.71 trillion surplus posted in the previous quarter, according to the National Bureau of Statistics (NBS).
The bureau attributed the sharp rise largely to increased crude oil exports and a decline in petroleum product imports during the period.
In its latest foreign trade statistics report, the NBS disclosed that Nigeria’s total trade volume stood at N34.78 trillion in Q1 2026, with exports contributing N21.17 trillion.
The report noted that exports accounted for 60.85 percent of total trade, reflecting a 2.77 percent increase compared to the corresponding period in 2025 and an 11.63 percent rise from the fourth quarter of 2025.
Crude oil remained the country’s leading export commodity, generating N11.20 trillion and accounting for 52.92 percent of total exports. Non-crude oil exports were valued at N9.96 trillion, representing 47.08 percent of total exports, while non-oil products contributed N3.18 trillion or 15.05 percent.
On the import side, Nigeria recorded N13.61 trillion in imports during the quarter, representing 39.15 percent of total trade. The figure marked an 18.17 percent decline compared to Q1 2025 and a 21.05 percent decrease from the previous quarter.
The NBS report also showed that China remained Nigeria’s largest source of imports, with goods worth N5.09 trillion, accounting for 37.42 percent of total imports. The United States followed with N2.80 trillion, while India, Germany, and the United Arab Emirates also ranked among the top import partners.
India emerged as Nigeria’s biggest export destination in the first quarter, receiving goods valued at N2.77 trillion, representing 13.09 percent of total exports. France, the Netherlands, Spain, and the United States followed closely as major export markets.
According to the NBS, these five countries accounted for 44.84 percent of Nigeria’s total export value during the period under review.