Nigeria’s Q1 2026 Trade Surplus Hits Record N7.55 trillion

Nigeria’s merchandise trade balance surged to N7.55 trillion in the first quarter of 2026, a 341 % rise from the previous quarter. Total trade amounted to N34.79 trillion, with exports of N21.17 trillion (60.85 % of trade) and imports of N13.62 trillion (39.15 %). Crude oil remained the dominant export, generating N11.20 trillion (52.9 % of exports), while refined petroleum products entered the top‑five export categories for the first time, boosted by the operational ramp‑up of the Dangote refinery and the Middle‑East oil‑supply disruption.

India was the leading export destination (N2.77 trillion), followed by France, the Netherlands, Spain and the United States, together accounting for 44.8 % of Nigeria’s export value. Imports fell sharply, led by a decline in petroleum product imports, with China the biggest source (N5.10 trillion). The trade sector attracted $65.79 million of foreign investment in Q1, up 91 % year‑on‑year, and contributed 17.89 % of Nigeria’s GDP. Analysts note that the widening surplus supports foreign‑exchange reserves but underscores continued vulnerability to global oil‑price fluctuations.