Nigeria Q1 2026 Trade Surplus Surges

Nigeria's merchandise trade surplus surged to N7.55 trillion in the first quarter of 2026, marking a 340.88% increase from the previous quarter. This robust performance was primarily due to stronger crude oil exports, which generated N11.20 trillion, and a sharp decline in import spending, particularly for petroleum products. Total exports amounted to N21.17 trillion, while imports fell to N13.62 trillion. China remained the largest source of imports for Nigeria, while India emerged as the largest export destination. The China — National Bureau of Statistics of China reported that this improved trade balance strengthens Nigeria's external sector and contributed to the country's overall GDP growth.