Nigeria's merchandise trade, encompassing the import and export of tangible physical goods across international borders, reached N34.8 trillion in the first quarter of 2026, with exports surpassing imports, according to data released by the National Bureau of Statistics (NBS) on Monday.
Export Performance
Total exports stood at N21.2 trillion, marking a 2.8 percent increase from the N20.6 trillion recorded in the first quarter of 2025. Compared to the final quarter of last year, merchandise trade in the period under review rose by 11.6 percent. The trade surplus for the quarter was N7.5 trillion, primarily driven by robust crude oil sales.
Oil and Non-Oil Exports
Crude oil, Nigeria's largest export earner, accounted for more than half of total exports, contributing N11.2 trillion. Other petroleum oil products added N6.8 trillion, representing 32 percent of total exports. Non-oil exports, which include agricultural and raw materials goods, were valued at N3.2 trillion.
Import Dynamics
Total imports were estimated at N13.6 trillion, an 18.2 percent decline from the N16.6 trillion recorded in the first quarter of 2025. Imports also decelerated by 21.1 percent compared to the N17.3 trillion posted in the fourth quarter of 2025.
Manufactured Goods Lead Imports
Manufactured goods constituted the largest share of imports, valued at N8.5 trillion, or 62.3 percent of total imports. Crude oil imports amounted to N1.9 trillion (14 percent), while raw materials accounted for N1.6 trillion (11.6 percent). Agricultural imports totaled N827.72 billion, solid minerals N69.8 billion, and other petroleum products N748.1 billion.
Leading imported products included petroleum oils (N1.9 trillion), gas oil (N364.4 billion), durum wheat (N340.1 billion), machinery for data transmission (N299.6 billion), and used vehicles (N284.1 billion).
Top Trading Partners
China remained the largest source of imports, accounting for N5.1 trillion (37.4 percent), followed by the United States (N2.8 trillion), India (N992.9 billion), Germany (N390.4 billion), and the UAE (N222.5 billion).
India was the top export destination, with N2.8 trillion (13.1 percent), followed by France (N2 trillion), the Netherlands (N2 trillion), Spain (N1.6 trillion), and the United States (N1.2 trillion).
Implications for Nigeria's Trade Balance
While the sharp decline in imports boosted the trade surplus, the figures highlight the vulnerability of Nigeria's trade balance to fluctuations in global commodity prices due to heavy reliance on oil. The NBS data emphasize the need for diversification of both export destinations and product lines to strengthen resilience and reduce dependence on a few commodities and markets.
