Foreign Trade Surplus Reaches N7.55 tn in Q1 as Import Bill Falls, Despite Decline to N34.79 tn

• Crude oil remains the country’s dominant export commodity with N11.20 trillion contribution, agricultural exports fall by 11.39%

• India emerges Nigeria’s major trade partner

Nigeria’s total external merchandise trade fell to N34.79 trillion in the first half of the year (Q1 2026) compared with N36.21 trillion in the preceding quarter, the National Bureau of Statistics (NBS) reported yesterday.

The decline was offset by N21.17 trillion in exports and N13.62 trillion in imports, resulting in a positive trade balance of N7.55 trillion – an increase of 340.88 percent compared with the N1.71 trillion surplus in the preceding quarter.

The Foreign Trade in Goods Statistics for Q1 2026, released by NBS, reflected the effect of rising export earnings and a substantial reduction in the country’s import bill.

Exports accounted for 60.85 percent of total trade in the review period, up 11.63 percent from N18.96 trillion in Q4 2025 and 2.77 percent from N20.60 trillion in the corresponding quarter of 2025.

Imports fell sharply to N13.62 trillion, down from N17.25 trillion in the preceding quarter and N16.64 trillion in Q1 2025.

According to NBS, the improved trade balance was largely due to a significant decline in petroleum product imports and increased crude oil exports during the quarter.

Crude oil remained the country’s dominant export commodity, contributing 52.92 percent, amounting to N11.20 trillion in Q1.

Non‑crude oil exports totaled N9.97 trillion, representing 47.08 percent of total exports, while non‑oil products contributed N3.19 trillion or 15.05 percent of export earnings.

Other oil product exports also strengthened considerably, rising to N6.78 trillion from N4.48 trillion in the corresponding period of 2025, a year‑on‑year increase of 51.49 percent.

India emerged as Nigeria’s largest export market with goods valued at N2.77 trillion, accounting for 13.09 percent of total exports. It was followed by France with N1.97 trillion or 9.29 percent, the Netherlands N1.95 trillion or 9.22 percent, Spain N1.63 trillion or 7.68 percent, and the United States N1.18 trillion or 5.56 percent.

Collectively, the five countries accounted for 44.84 percent of Nigeria’s total exports during the quarter.

Exports by region showed that Europe remained the largest destination for Nigerian goods, receiving exports worth N7.93 trillion or 37.44 percent of total exports.

Asia followed with N6.42 trillion or 30.31 percent, while exports to Africa stood at N4.06 trillion or 19.19 percent of total exports.

Of the exports to Africa, shipments to ECOWAS countries were valued at N2.20 trillion, representing 54.21 percent of the country’s exports to the continent.

Exports to Africa stood at N4.06 trillion compared with imports of N654.94 billion.

The country’s leading export markets within Africa were Togo with N1.08 trillion, South Africa N887.13 billion, Côte d’Ivoire N505.22 billion, Egypt N363.18 billion, and Senegal N351.87 billion.

Petroleum products dominated exports to the continent, with crude oil accounting for N1.87 trillion, gas oil N625.45 billion, and kerosene‑type jet fuel N539.15 billion.

On the import side, Nigeria sourced most of its goods from Asia, which accounted for N7.55 trillion or 55.45 percent of total imports.

Imports from the Americas stood at N3.24 trillion or 23.76 percent, while Europe accounted for N2.10 trillion or 15.39 percent. Imports from African countries amounted to N654.94 billion, representing 4.81 percent of total imports.

China maintained Nigeria’s largest import partner with goods valued at N5.10 trillion, representing 37.42 percent of total imports.

The United States followed with N2.81 trillion or 20.60 percent, while imports from India stood at N992.87 billion.

Germany and the United Arab Emirates accounted for N390.35 billion and N222.47 billion, respectively.

The report further showed that machinery and transport equipment remained Nigeria’s largest import category, valued at N5.01 trillion and accounting for 36.79 percent of total imports.

Mineral fuels followed with N2.65 trillion, while chemicals and related products accounted for N2.02 trillion.

Among the most imported commodities were crude petroleum oils, gas oil, durum wheat, telecommunications equipment, and used diesel‑powered vehicles.

Exports of agricultural goods in the period under review amounted to N1.17 trillion, representing an 11.39 percent decrease from N1.32 trillion in Q4 2025 and a 31.20 percent decline compared with N1.70 trillion in Q1 2025, driven largely by cocoa beans, sesame seeds, soya beans and cashew nuts. Agricultural imports also declined by 20.09 percent to N827.72 billion.

Meanwhile, raw material exports rose sharply by 46.83 percent to N1.53 trillion, while solid mineral exports increased by 74.63 percent year‑on‑year to N102.80 billion.

The report further showed that Nigeria’s trade activities continued to be dominated by maritime transportation, which accounted for 99.07 percent of exports and 92.93 percent of imports.

Apapa Port remained the country’s busiest trade gateway, handling exports valued at N15.48 trillion or 73.14 percent of total exports, while also processing imports worth N4.92 trillion. Lekki Deep Sea Port followed with exports valued at N3.29 trillion and imports amounting to N2.51 trillion.