Nigeria Q1 2026 Export Earnings Surge on Fertiliser and Crude Oil

Nigeria’s external trade data for the first quarter of 2026 show a sharp rise in export earnings. Crude oil shipments generated N11.20 trillion, representing about 53 % of total exports and driving the country’s merchandise trade surplus to N7.55 trillion. Fertiliser exports, led by the Dangote Fertiliser Plant, earned N1.37 trillion, making fertiliser the top non‑oil foreign‑exchange earner and surpassing traditional agricultural products such as cocoa, sesame, soybeans and cashews. Around 70‑77 % of the plant’s output is shipped abroad to markets including Brazil, India, the United States and Mexico. The combined performance highlights a diversification of Nigeria’s export mix, with industrial products gaining importance alongside hydrocarbons, and underscores the significant contribution of these sectors to the nation’s foreign‑exchange inflows.

The data also note that crude‑oil exports rose 15 % from the previous quarter despite volatility and geopolitical tensions, while fertiliser earnings more than doubled compared with the same period a year earlier, reflecting the expanding capacity of Nigeria’s domestic manufacturing base.