…as exports account for 60.85% of total trade in Q1 2026

Nigeria recorded a positive balance of trade of N7.55 trillion in the first quarter of 2026, a 340.88 per cent leap over the N1.7 trillion surplus recorded in the fourth quarter of 2025. The figure is also higher than the N5.17 trillion recorded in the first quarter of 2025.

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.

NBS said in the first quarter of 2026, 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 over the value recorded in the corresponding quarter of 2025 which was N20.60 trillion and an increase of 11.63 per cent compared to the value recorded in Q4 2025, N18.97 trillion.

Analysis shows that crude oil remained Nigeria’s major exported commodity in the first quarter of 2026 with a value of N11.20 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; of which non-oil products contributed a mere N3.19 trillion or 15.05 per cent of total exports.

On the other hand, the report shows that imports accounted for 39.15 per cent of total trade in the first quarter of 2026, with a value of N13.62 trillion representing an 18.17 per cent decrease compared to N16.64 trillion recorded in Q1 2025, and 21.05 per cent decrease from N17.25 trillion recorded in Q4 2025.

A major highlight of the report is the drastic drop in the value of agricultural goods imported in Q1 2026 which stood at N827.72 billion, representing a 20.09 per cent decrease compared to

N1.036 trillion recorded in Q1 2025, and a 42.39 per cent decrease relative to N1.44 trillion recorded in Q4 2025.

The report however shows that Nigeria’s agricultural goods export in the period under review declined by 31.20 per cent from N1.70 trillion in Q1 2025 to N1.17 trillion and an 11.39 per cent decrease from N1.32 trillion in Q4 2025.

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 2025.

Solid mineral exports in Q1 2026 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 2025.

The value of manufactured goods exports in Q1 2026 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 ent from N423.43 billion in Q4 2025.

The report also shows that China remained the leading source of imports in the first quarter of 2026, followed by the United States of America, India, Germany, and the United Arab Emirates. The most imported commodities during the quarter were petroleum oils and oils obtained from bituminous minerals (crude), gas oil, durum wheat, machines for the reception, conversion, and transmission of voice, images, or data, and used vehicles with diesel or semi-diesel engines.

On the other hand, Nigeria’s top five trading export partners were India, France, The Netherlands, Spain, and The United States of America. The most exported commodities according to the report were crude oil, natural gas, Urea, whether or not in aqueous solution, other petroleum gases in a gaseous state, and Kerosine type jet fuel.