Nigeria’s merchandise trade hits N34.8 trillion in Q1 2026 as exports outpace imports – NBS

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Nigeria’s merchandise trade, which covers the import and export of tangible, physical goods across international borders, touched N34.8 trillion in the quarter to March as exports outstripped imports, data released by the National Bureau of Statistics (NBS) on Monday showed.

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Total exports stood at N21.2 trillion, up 2.8 per cent from the N20.6 trillion reported in Q1 2025. Compared to the last quarter of last year, merchandise trade in the period under review rose by 11.6 per cent.

By contrast, total imports were estimated at N13.6 trillion, a 18.2 per cent decline from the level reached in QI 2025, which was ₦16.6 trillion. Total imports in the review period decelerated by 21.1 per cent from the N17.3 trillion posted in Q4 2025.

The data from the statistics office also indicated that trade surplus stood at N7.5 trillion, driven by robust crude oil sales. Oil, Nigeria’s biggest export earnings, accounted for more than half (N11.2 trillion) of total exports, while other petroleum oil products contributed N6.8 trillion or 32 per cent. Non-oil exports, including agricultural and raw materials goods, were valued at N3.2 trillion.

Imports driven by manufactured goods

Manufactured goods accounted for the largest share of imports, valued at N8.5 trillion or 62.3 per cent of the goods brought into the country during the period.

Crude oil imports contributed N1.9 trillion or 14 per cent, while raw materials accounted for N1.6 trillion or 11.6 per cent. Agricultural imports totalled N827.72 billion, solid minerals N69.8 billion, and other petroleum products N748.1 billion.

At the top of the list of imported products were petroleum oils (N1.9 trillion), followed by gas oil (N364.4 billion), durum wheat (N340.1 billion), machinery for data transmission (N299.6 billion), and used vehicles (N284.1 billion).

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On the export side, crude oil at N11.2 trillion took the lion’s share, followed by natural gas (N2 trillion), urea (N1.4 trillion), other petroleum gases (N1.3 trillion), and kerosene-type jet fuel (N1.3 trillion).

READ ALSO: Nigeria records $10.37bn capital importation in Q1 2026, up 83.83% — NBS

China remained the largest source of imports, accounting for N5.1 trillion (37.4 per cent), 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, accounting for N2.8 trillion, or 13.1 per cent. It was followed by France (N2 trillion), the Netherlands (N2 trillion), Spain (N1.6 trillion) and the United States (N1.2 trillion).

While imports declined sharply, boosting the trade surplus, the figures underscore the vulnerability of Nigeria’s trade balance to fluctuations in global commodity prices due to its heavy reliance on oil.

The NBS data also indicate the need to diversify both export destinations and product lines to strengthen resilience and reduce dependence on a few commodities and markets.