Nigeria’s external trade performance strengthened in the first quarter of 2026, with total merchandise trade reaching ₦34.79 trillion as export earnings outpaced imports, resulting in a trade surplus of approximately ₦7.55 trillion. Official data show that exports accounted for the larger share of trade activity during the period, reflecting improved foreign exchange earnings and reduced import spending.
According to the latest Foreign Trade Statistics released by the National Bureau of Statistics (NBS), total exports for the quarter stood at ₦21.17 trillion, while imports were valued at ₦13.62 trillion. The figures highlight Nigeria’s continued positive trade balance at the start of 2026, driven by stronger export performance and a significant moderation in import demand.
Exports expanded by 2.77 per cent when compared with the same period in 2025 and also recorded double-digit growth relative to the final quarter of 2025. The improvement indicates sustained demand for Nigerian export commodities and stronger earnings from the country’s external sector. Brandspur Banking News Desk reports that export growth remained one of the key factors supporting Nigeria’s trade position during the quarter.
On the import side, Nigeria recorded a notable contraction in spending on foreign goods. Import values declined by more than 18 per cent year-on-year and fell by over 21 per cent compared with the previous quarter. The reduction contributed significantly to the widening trade surplus and eased pressure on the country’s external accounts.
The latest figures suggest that exports represented more than 60 per cent of Nigeria’s total merchandise trade during the quarter, reinforcing the country’s positive trade balance. Analysts attribute the stronger performance to a combination of export growth and lower import expenditure, particularly in areas linked to petroleum products.
Data from the NBS show that crude oil remained Nigeria’s dominant export commodity, although non-oil exports continued to contribute to overall foreign earnings. Major export destinations during the quarter included India, France, the Netherlands, Spain and the United States, underscoring the importance of international demand for Nigerian products.
Meanwhile, China retained its position as Nigeria’s leading source of imports, followed by the United States, India, Germany and the United Arab Emirates. Key imported products included crude petroleum oils, gas oil, wheat, telecommunications equipment and used vehicles.
The Q1 2026 trade figures indicate a stronger start to the year for Nigeria’s external sector compared with recent quarters. With exports growing and imports declining sharply, the country recorded one of its strongest quarterly trade surpluses in recent years, providing support for foreign exchange inflows and overall economic stability.
