LAGOS – Nigeria’s merchandise trade balance swung into a massive ₦7.55 trillion ($5.50 billion) surplus in the first quarter of 2026, driven by a sharp decline in refined petroleum imports and resilient crude oil export revenues.
The National Bureau of Statistics (NBS) reported on Monday a stellar 341% quarter-on-quarter increase in trade surplus, providing critical macroeconomic relief for the country’s business landscape as structural fiscal pressures begin to ease.
Total export values expanded by 11.63% from the preceding quarter to ₦21.17 trillion, representing 60.85% of entire trade, with crude oil sales accounting for 52.92% at ₦11.20 trillion.
Concurrently, national import costs contracted sharply by 21.05% quarter-on-quarter to ₦13.62 trillion. This decline reflects a dramatic 81.38% drop in imported petroleum products, which plummeted to ₦748.10 billion.
The contraction in fuel imports indicates shifting domestic energy supply logistics. This structural adjustment significantly lowered corporate demand for foreign exchange, helping stabilize local commercial banking transactions during the quarter under review.
Corporate activities showed major structural changes. Industrial machinery and transport equipment dominated merchandise imports at ₦5.01 trillion, followed closely by manufactured goods, which totaled ₦8.48 trillion despite global logistical headwind pressures.
Agriculture trade contracted as imports dropped 42.39% to ₦827.72 billion. Russia remained a key vendor, supplying ₦135.37 billion in durum wheat to help local mills mitigate ongoing food inflation concerns.
On the export side, India maintained its position as Nigeria’s top commercial destination, purchasing ₦2.77 trillion of goods, while China led import suppliers with a dominant 37.42% market share.
Logistical data showed that maritime transport handled 99.07% of outbound shipments. Apapa Port processed 73.14% of exports, while the newly commissioned Lekki Deep Sea Port secured a 15.53% share.
This strong trade liquidity aligns with broader domestic reforms. In March 2026, the Central Bank of Nigeria successfully concluded its 24-month banking recapitalization program, structurally boosting institutional credit capacity across these trade sectors.
