Nigeria recorded a strong trade performance in the first quarter of 2026, with its trade surplus soaring to N7.55 trillion, up significantly from the N1.7 trillion recorded in the previous quarter.
The News Chronicle reports that a notable change in the nation’s trade balance was driven mostly by increased crude oil exports and a significant fall in gasoline product imports. With total exports reaching N21.17 trillion, statistics from the National Bureau of Statistics show they make up over 60% of overall trade over the period.
Crude oil continued to be the main source of export revenues, accounting for almost 53 percent of all exports and N11.2 trillion. Non-crude exports also showed resilience, generating N9.97 trillion, while raw material exports climbed significantly to N1.53 trillion.
On the import side, Nigeria spent N13.62 trillion, down from the prior quarter and the same period last year. Furthermore, agricultural imports dropped sharply, indicating reduced reliance on certain imported goods.
The most recent numbers suggest better foreign exchange profits and better external trade conditions. Analysts say the growing surplus might help the economy remain stable, especially as the nation continues to boost domestic output and reduce reliance on imports in key industries.
