The National Bureau of Statistics (NBS) says Nigeria recorded a trade surplus of N7.54 trillion in the first quarter of 2026, indicating an increase of 340.88 percent compared to the N1.71 trillion recorded in the preceding quarter, according to its foreign trade statistics report released on Monday.
The bureau said the increase is largely attributed to a decrease in petroleum products imports and an increase in crude oil exports in the quarter under review, with total trade standing at N34.78 trillion and exports accounting for N21.16 trillion.
The NBS stated that total exports accounted for 60.85 percent of total trade. Crude oil remained Nigeria’s major exported commodity in the first quarter, with a value of N11.20 trillion, while non-crude oil exports stood at N9.96 trillion.
On the import side, the NBS said imports accounted for 39.15 percent of total trade with a value of N13.61 trillion in the first quarter of 2026, representing an 18.17 percent decrease compared to N16.64 trillion recorded in the same quarter of 2025. China remained the country’s leading source of imports, followed by the United States, India, Germany and the United Arab Emirates.
Top export destinations were India, followed by France, the Netherlands, Spain, and the United States.
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