Nigeria's trade surplus increased by 220 percent month-on-month to $480 million in January 2026, propelled by a 4.46 percent rise in export earnings to a record $4.68 billion, largely due to petroleum product exports. This marks a significant jump from the $150 million surplus recorded in December 2025.
Central Bank Report Details
The Central Bank of Nigeria (CBN) disclosed these figures in its January Monthly Economic Report. The report noted that while export earnings rose, import bills also increased by 3.0 percent to $4.77 billion. Oil and gas products accounted for 83.12 percent of total export receipts.
The CBN stated: “Transactions in the goods account resulted in a higher trade surplus, owing to an increase in export receipts. Provisional data indicated that the trade surplus rose to $480 million, from $150 million in the preceding month. The higher surplus was driven by the 4.46 per cent increase in export to $4.68 billion, following the increase in the export of petroleum products. Import bills also increased by 3.0 per cent to $4.77 billion, on account of a decline in the import of oil products.”
Export Composition
Analysis of exports by composition showed that crude oil, gas, and refined petroleum products accounted for 83.12 percent of total receipts, while non-oil exports made up the remainder. Aggregate receipts from oil exports rose by 7.46 percent to $3.89 billion from $3.62 billion, largely due to an increase in crude oil export receipts.
A further breakdown revealed that crude oil export receipts increased to $2.47 billion from $2.72 billion in the preceding month, driven by a rise in the average price of crude oil due to supply disruptions. Similarly, earnings from gas exports rose to $750 million from $720 million.
Non-Oil Exports Decline
Non-oil export earnings moderated during the review period. At $800 million, non-oil export earnings fell by 5.88 percent compared to the previous month. This decline followed lower earnings from agricultural product exports, particularly cocoa beans, as improved weather conditions boosted West African harvest prospects, leading to a drop in prices.
