Nigeria's trade in goods, which includes what we buy and sell across borders, hit N34.8 trillion in the first quarter of 2026. This rise came as exports surpassed imports, according to data from the National Bureau of Statistics (NBS) released on Monday.
Total exports were N21.2 trillion. This is a 2.8 per cent increase from N20.6 trillion in the same quarter last year. Compared to the last quarter of 2025, trade grew by 11.6 per cent.
On the other hand, total imports were about N13.6 trillion. This marks an 18.2 per cent drop from N16.6 trillion in Q1 2025. Imports also fell by 21.1 per cent from N17.3 trillion in the last quarter of 2025.
The data also showed that Nigeria had a trade surplus of N7.5 trillion, mainly due to strong crude oil sales. Oil, which is Nigeria's biggest source of earnings, made up more than half of total exports at N11.2 trillion. Other petroleum products added N6.8 trillion or 32 per cent, while non-oil exports, including agricultural and raw materials, were valued at N3.2 trillion.
Manufactured goods made up the largest part of imports, valued at N8.5 trillion. This accounts for 62.3 per cent of all goods brought into the country during this time.
Crude oil imports were N1.9 trillion or 14 per cent of total imports. Raw materials were N1.6 trillion or 11.6 per cent. Agricultural imports were N827.72 billion. Solid minerals were N69.8 billion, and other petroleum products were N748.1 billion.
The list of the most imported products includes petroleum oils at N1.9 trillion. This is followed by gas oil at N364.4 billion, durum wheat at N340.1 billion, machinery for data transmission at N299.6 billion, and used vehicles at N284.1 billion.
On the export side, crude oil took the largest share at N11.2 trillion. Natural gas followed with N2 trillion, urea at N1.4 trillion, other petroleum gases at N1.3 trillion, and kerosene-type jet fuel at N1.3 trillion.
China continued to be the biggest source of imports, making up N5.1 trillion or 37.4 per cent. The United States followed with N2.8 trillion, then India with N992.9 billion, Germany at N390.4 billion, and the UAE at N222.5 billion.
India was the top destination for exports, accounting for N2.8 trillion or 13.1 per cent. France and the Netherlands each took N2 trillion. Spain followed with N1.6 trillion and the United States with N1.2 trillion.
Even though imports dropped significantly, which increased the trade surplus, these figures show how sensitive Nigeria’s trade balance is to changes in global commodity prices because of its heavy reliance on oil.
The NBS data also highlights the need to diversify both where Nigeria sells its goods and what it sells. This would help build strength and lessen dependence on a few products and markets.
Drop your comment
No comments yet — be the first to drop the gist 👇