Nigeria’s merchandise trade totalled N34,788.59 billion in the first quarter of 2026, according to official data by the National Bureau of Statistics (NBS), with exports outpacing imports by a wide margin and yielding a trade surplus of approximately N7.55trillion.
Exports grew to ₦21,169.27 billion, reflecting a 2.77% increase compared with ₦20,598.48 billion in the corresponding quarter of 2025, and an 11.63% increase compared with ₦18,963.41 billion in Q4 2025.
Imports, however declined to ₦13,619.33billion in the first quarter of 2026, representing a 18.17% decrease from the value recorded in the corresponding quarter of 2025 (₦16,644.42billion) and a 21.05% decrease compared to the value recorded in Q4 2025 (₦17,250.93 billion).
IMPORTS
Analysis of Nigeria’s import trade reveals 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.
The value of agricultural goods imported in Q1 2026 stood at ₦827.72billion, representing a 20.09% decrease compared to ₦1,035.81billion recorded in Q1 2025, and a 42.39% decrease relative to ₦1,436.65 billion recorded in Q4 2025.
In the same period, the import value of raw material goods was ₦1,582.36billion, representing a 12.63% decrease from ₦1,811.10billion in Q1 2025, and a 32.72% decrease compared to ₦2,351.88 billion in the preceding quarter (Q4 2025).
In the first quarter of 2026, solid mineral imports were valued at ₦69.75billion, representing a 24.00% decrease from ₦91.78billion in Q1 2025 and 50.53% decrease compared to ₦140.99 billion recorded in Q4 2025.
In the same period, the value of imported manufactured goods stood at ₦8,484.37billion, reflecting a 12.94% increase from ₦7,512.22billion in Q1 2025, and a 3.62% decrease from ₦8,803.27 billion recorded in Q4 2025.
The value of other oil products imported in Q1 2026 stood at ₦748.10billion, reflecting a 85.05% decrease from ₦5,005.22billion in Q1 2025 and a 81.38% decrease from ₦4,018.31 billion recorded in Q4 2025.
EXPORTS
In Q1 2026, Nigeria’s top five trading export partners were India, France, The Netherlands, Spain, and The United States of America.
The most exported commodities were crude oil, natural gas, Urea, whether or not in aqueous solution, other petroleum gases in a gaseous state, and Kerosine type jet fuel.
Exports of agricultural goods in the period under review amounted to ₦1,172.37billion representing a 31.20% decline from ₦1,704.15billion in Q1 2025 and an 11.39% decrease from ₦1,323.06 billion in Q4 2025.
In the same period, the value of raw material exports stood at ₦1,533.75billion, representing a rise of 46.83% from ₦1,044.59billion in Q1 2025 and a 28.62% increase from ₦1,192.49 billion in Q4 2025.
Analysis shows that solid mineral exports in Q1 2026 were valued at ₦102.80billion; representing a 74.63% increase from ₦58.87billion in Q1 2025 and a decrease of 12.02% from ₦116.84 billion in Q4 2025.
The value of manufactured goods exports in Q1 2026 stood at ₦302.64billion, reflecting a 2.79% increase from ₦294.43billion in Q1 2025 and a decrease of 28.53% from ₦423.43 billion in Q4 2025.
Crude oil exports in Q1 2026 were valued at ₦11,202.35billion; the value decreased by 13.53% from ₦12,955.03billion in Q1 2025 and increased by 15.45% from ₦9,702.87 billion in Q4 2025.
Other oil product exports in Q1 2026 stood at ₦6,780.18billion, showing an increase of 51.49% from ₦4,475.58billion in Q1 2025 and an increase of 10.88% from ₦6,115.00 billion in Q4 2025.
