Nigeria Posts N7.55tn Foreign Trade Surplus In Q1

Nigeria posted a foreign trade surplus of N7.55 trillion in Q1 2026 after exports rose and imports fell, official data show.
Data from the Foreign Trade
in Goods Statistics for first quarter, 2026 released by the National Bureau of Statistics (NBS), on Monday, showed that
total exports were N21,169.27 billion, up 2.77 per cent year‑on‑year and up 11.63 per cent from Q4 2025. Major export partners were India, France, the Netherlands, Spain and the United States. Top exports included crude oil, natural gas, urea and other petroleum products.

Total imports fell to N13,619.33 billion, down 18.17 per cent year‑on‑year and down 21.05 per cent from Q4 2025. China remained the top source of imports. Key imports were crude petroleum oils, gas oil, durum wheat, communication machines and used diesel vehicles.

Notable shifts: manufactured imports rose to N8,484.37 billion, while other oil product imports plunged to N748.10 billion. Crude oil export receipts fell year‑on‑year to N11,202.35 billion but rose from the previous quarter.