Nigeria’s Trade Surplus Jumps To $480m On Strong Oil Exports

Nigeria’s trade surplus rose sharply to $480 million in January 2026, driven by stronger export earnings from crude oil and petroleum products, according to the latest Monthly Economic Report released by the Central Bank of Nigeria.
The report showed that the surplus represented a 220 per cent month-on-month increase compared to the $150 million recorded in December 2025.
The apex bank attributed the improved trade position to higher export receipts, which rose by 4.46 per cent to $4.68 billion during the review period.
The CBN said the increase was largely supported by stronger earnings from petroleum exports, especially crude oil and gas shipments.
“Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts,” the bank stated in the report.
According to the report, import bills also increased by 3.0 per cent to $4.77 billion in January, reflecting continued demand for imported products.
The CBN noted that crude oil, gas and refined petroleum products accounted for 83.12 per cent of total export earnings during the period, underscoring Nigeria’s continued dependence on the oil sector for foreign exchange inflows.
Non-oil exports made up the remaining share of export receipts.
On the import side, the report indicated that non-oil products accounted for 86.43 per cent of total imports, while oil imports represented the balance.
Further analysis of the report showed that aggregate receipts from oil exports increased by 7.46 per cent to $3.89 billion in January, from $3.62 billion recorded in December 2025.
The increase was attributed mainly to improved crude oil export earnings amid stronger international oil prices.
The CBN explained that supply disruptions in the global oil market contributed to the rise in crude prices, which supported Nigeria’s export revenue during the month.
Gas export earnings also improved slightly, rising to $750 million from $720 million recorded in the preceding month.
However, non-oil export earnings weakened during the period.
The report disclosed that non-oil export receipts fell by 5.88 per cent to $800 million, compared to the previous month.
According to the apex bank, the decline was linked to lower earnings from agricultural exports, particularly cocoa beans.
The CBN noted that improved weather conditions across West Africa boosted harvest prospects and triggered a decline in cocoa prices in the international market, thereby affecting export earnings from the commodity.
Economic analysts have continued to stress the need for Nigeria to diversify its export base and reduce its heavy reliance on oil earnings, especially amid volatility in global commodity prices.
Despite the improvement in trade balance, analysts said sustaining export growth would depend on increased non-oil productivity, stable crude oil production and improved foreign exchange inflows into the economy.