By Bamidele Famoofo
WorldStage— According to the latest report released by the National Bureau of Statistics (NBS), Nigeria’s external trade sector demonstrated remarkable resilience in the first quarter of 2026, supported by stronger export earnings and a moderation in import demand.
Total merchandise trade stood at ₦34.79 trillion during thebquarter, with exports significantly outpacing imports and resulting in a substantial improvement in the country’s trade balance.
Total exports amounted to ₦21.17 trillion, while imports stood at ₦13.62 trillion, generating a trade surplus of ₦7.55 trillion.
This represents a significant 340.88 percent increase compared to the preceding quarter. The improvement was largely driven by higher crude oil export earnings and a decline in petroleum product imports, reflecting the combined impact of improved domestic refining capacity, foreign exchange pressures, and ongoing
government policies aimed at reducing import dependence.
Export performance remained robust across both oil and non-oil segments. Crude oil retained its position as Nigeria’s dominant export commodity, accounting for ₦11.20 trillion, or 52.92 percent of total exports. Non-crude oil exports contributed ₦9.97 trillion, representing 47.08 percent of total exports, while non-oil products accounted for ₦3.19 trillion, equivalent to 15.05 percent of export earnings.
The strong export performance highlights growing diversification efforts, although the country’s external sector remains largely dependent on hydrocarbon exports.
On the import side, trade activity moderated considerably during the quarter. Total imports declined by 18.17 percent year-on-year and 21.05 percent quarter-on-quarter to ₦13.62 trillion, largely due to reduced non-oil imports and lower demand for petroleum products. Elevated foreign exchange costs, tighter liquidity conditions, and government initiatives encouraging local production continued to suppress import demand.
From a regional perspective, Europe remained Nigeria’s largest export destination, receiving goods worth ₦7.93 trillion, representing 37.44 percent of total exports. Asia followed closely with imports valued at ₦6.42 trillion, accounting for 30.31 percent of exports. Exports to Africa amounted to ₦4.06 trillion, representing 19.19 percent of total exports, while exports to the Americas and Oceania stood at ₦2.61 trillion and ₦148.93 billion, respectively.
Trade relations within Africa remained particularly strong. Nigeria exported goods worth ₦4.06 trillion to African countries while importing only ₦654.94 billion, resulting in a sizeable regional trade surplus. Major African export destinations included Togo, South Africa, Ivory Coast, Egypt, and Senegal, which collectively accounted for over 78 percent of
Nigeria’s exports to the continent. Crude petroleum products, gas oil, aviation fuel, and urea remained the primary commodities exported to African markets.
Within the ECOWAS region, Nigeria’s exports totaled ₦2.20 trillion, compared with imports of only ₦65.91 billion, reinforcing the country’s position as a key regional trade hub.
Petroleum oils, gas oil, and aviation fuel collectively accounted for over three-quarters of exports to ECOWAS member states during the quarter.
Meanwhile, imports from the region were dominated by crude palm oil, cocoa powder, and animal hides and skins.
Sectoral analysis highlights both strengths and vulnerabilities within Nigeria’s trade structure. The total value of agricultural trade stood at ₦2.00 trillion, with exports contributing ₦1.17 trillion. However, agricultural exports declined by 31.20% year-on-year, suggesting ongoing challenges relating to productivity, infrastructure, and competitiveness in international markets.
The solid minerals sector recorded encouraging growth, with exports rising by 74.63 percent year-on-year to ₦102.81 billion, reflecting increased global demand and growing investor interest in Nigeria’s mining industry. Nonetheless, exports declined by 12.02 percent compared to the previous quarter, indicating some moderation in momentum.
Manufactured goods accounted for ₦8.79 trillion, representing 25.26 percent of total trade activity. However, manufactured exports remained relatively low at ₦302.64 billion, underscoring persistent structural constraints in Nigeria’s industrial sector and the need to improve export competitiveness
Agricultural imports totaled ₦827.72 billion, representing 6.08 percent of total imports and reflecting a 20.09 percent decline compared to the corresponding period in 2025. The raw materials sector recorded total trade of ₦3.12 trillion, comprising ₦1.58 trillion in imports and ₦1.53 trillion in exports, highlighting sustained industrial demand despite broader import moderation.
Nigeria’s Q1 2026 trade performance reflects improving external sector fundamentals, supported by stronger crude oil exports, reduced import demand, and a widening trade surplus. While the outlook remains favourable in the near term, sustained progress will depend on accelerating non-oil export growth, strengthening domestic manufacturing
capacity, and reducing the economy’s continued reliance on hydrocarbon revenues.
