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Nigeria's merchandise trade balance improved dramatically in Q1 2026, with exports rising and imports falling, leading to a N7.55 trillion surplus-a 340.88% increase from the previous quarter. Crude oil exports and reduced petroleum imports were key drivers, while India, France and the Netherlands topped export destinations.
Nigeria achieved a significant turnaround in its merchandise trade balance during the first quarter of 2026, marked by a notable rise in exports and a substantial reduction in imports.
This positive shift resulted in a trade surplus of N7.55 trillion, as detailed in the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS). Total trade for the quarter reached N34.79 trillion, with exports valued at N21.17 trillion and imports at N13.62 trillion. Compared to the previous quarter, the trade balance improved dramatically, increasing by 340.88 percent.
The NBS highlighted that this development was primarily driven by a decrease in petroleum product imports and an increase in crude oil exports. Year-on-year, total exports grew by 2.77 percent from N20.60 trillion in Q1 2025, and rose by 11.63 percent from N18.96 trillion in Q4 2025. Crude oil continued to dominate Nigeria's export basket, contributing N11.20 trillion, or 52.92 percent of total exports.
Non-crude oil exports amounted to N9.97 trillion, while non-oil exports reached N3.19 trillion, representing 15.05 percent of the total export value. Although crude oil exports declined by 13.53 percent from N12.96 trillion a year earlier, they increased by 15.45 percent compared to the preceding quarter. India was Nigeria's largest export destination, receiving goods worth N2.77 trillion (13.09% of total exports). It was followed by France (N1.97 trillion), the Netherlands (N1.95 trillion), Spain (N1.63 trillion) and the United States (N1.18 trillion).
In terms of export composition, mineral products dominated with N18.16 trillion, accounting for 85.77 percent of all exports. Europe was the leading regional destination for Nigerian exports, receiving N7.93 trillion (37.44%), followed by Asia with N6.42 trillion. On the import side, Nigeria's total import bill fell sharply to N13.62 trillion, reflecting an 18.17 percent decrease from N16.64 trillion in Q1 2025 and a 21.05 percent reduction from N17.25 trillion in Q4 2025. Imports constituted 39.15 percent of total trade.
Machinery and transport equipment remained the largest import category, valued at N5.01 trillion and representing 36.79 percent of total imports. China remained Nigeria's primary source of imports, supplying goods worth N5.10 trillion (37.42% of total imports). The United States followed with N2.81 trillion, while India, Germany and the United Arab Emirates completed the top five.
Key imported items included crude petroleum oils (N1.91 trillion), gas oil (N364.42 billion), durum wheat (N340.07 billion), telecommunications equipment (N299.56 billion) and used diesel vehicles (N284.07 billion). Agricultural exports declined by 31.2 percent to N1.17 trillion from N1.70 trillion in the corresponding quarter of 2025, while agricultural imports also dropped by 20.09 percent to N827.72 billion. Superior quality cocoa beans were the leading agricultural export, generating N596.90 billion.
Raw material exports rose strongly by 46.83 percent to N1.53 trillion, solid mineral exports surged by 74.63 percent to N102.80 billion, and manufactured goods exports increased modestly by 2.79 percent to N302.64 billion. Nigeria maintained a substantial trade surplus with Africa, exporting N4.06 trillion worth of goods compared to imports of N654.94 billion. Togo was the biggest African export destination with N1.08 trillion, followed by South Africa, Côte d'Ivoire, Egypt and Senegal.
Within West Africa, exports totaled N2.27 trillion against imports of N76.54 billion, while trade with ECOWAS member states resulted in exports of N2.20 trillion and imports of N65.91 billion. Maritime transport remained the dominant channel for trade, handling 99.07 percent of exports and 92.93 percent of imports. Apapa Port processed the largest share, with exports valued at N15.48 trillion and imports at N4.92 trillion during the quarter
Nigeria Trade Balance NBS Foreign Trade Report Q1 2026 Trade Surplus Nigeria Exports Nigeria Imports
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