•Non-oil’s share of exports stalled at 15.05%

Nigeria recorded a trade surplus of N7.55 trillion in the first quarter (Q1), a 340.88 per cent leap over the N1.7 trillion surplus recorded in the fourth quarter of 2025.

The figure was also 46 per cent higher than the N5.17 trillion recorded in the comparative period of last year.

The National Bureau of Statistics (NBS), in its foreign trade in goods statistics report released yesterday, noted that the increase is largely attributed to a decrease in petroleum products imports and an increase in crude oil exports in the first quarter.

The NBS said that in Q1, total exports accounted for 60.85 per cent of total trade with a value of N21.17 trillion, showing an increase of 2.77 per cent above the value recorded in the corresponding quarter of 2025, which was N20.6 trillion and an increase of 11.63 per cent compared to the value recorded in Q4 of last year.

Further analysis shows that crude oil remained Nigeria’s major exported commodity in the first quarter of 2026, with a value of N11.2 trillion, representing 52.92 per cent of total exports.

A further breakdown reveals that the value of non-crude oil exports stood at N9.97 trillion, accounting for 47.08 per cent of total exports.

Non-oil products contributed a mere N3.19 trillion or 15.05 per cent of total exports.

In the period, the country’s imports stood at N13.62 trillion or 39.15 per cent of total trade. It was an 18.17 per cent decrease compared to N16.64 trillion recorded in Q1 of 2025 and 21.05 per cent lower than N17.25 trillion recorded in Q4 of last year.

A major highlight of the report is the drastic drop in the value of agricultural goods imported, which stood at N827.72 billion, representing a 20.09 per cent decrease compared to

N1.036 trillion recorded in Q1 of last year and a 42.39 per cent decrease relative to N1.44 trillion recorded in Q4.

The report said Nigeria’s agricultural goods export in the period under review declined by 31.2 per cent from N1.7 trillion in Q1 2025 to N1.17 trillion and an 11.39 per cent decrease from N1.32 trillion posted in Q4.

The value of raw material exports stood at N1.53 trillion, representing a rise of 46.83 per cent from N1.04 trillion in Q1 2025 and a 28.62 per cent increase from N1.19 trillion in Q4.

A spike in raw material could highlight an increase in local or a sharp fall in local material sourcing.

Solid minerals exports were valued at N102.80 billion, representing a 74.63 per cent increase from N58.87 billion in Q1, 2025 and a decrease of 12.02 per cent from N116.84 billion in Q4.

The value of manufactured goods exports also showed a positive trend, standing at N302.64 billion, reflecting a 2.79 per cent increase from N294.43 billion in Q1, 2025, but a decrease of 28.53 per cent compared to N423.43 billion recorded in Q4.