Nigeria's trade surplus soar by 89% to N7.5 trn in Q1, as Europe top export destination

In the third quarter of 2020, Africa’s biggest economy saw its trade deficit surge by 32.45 percent to N2.38 trillion from N1.8 trillion in the second quarter, and down from a surplus of N1.38 trillion in Q3’2019.

Nigeria’s foreign trade balance remained on the positive side, as trade surplus increased by 89 percent from N3.95 trillion to N7.5 trillion (year-on-year) in the first quarter of 2026, the National Bureau of Statistics data has revealed.

According to foreign trade report that was analysed by BusinessDay, the merchandise trade balance at N7.54 trillion, also indicates an increase of 340.88 percent compared to the value recorded in the preceding quarter.

The Bureau attributed the increase to a decrease in petroleum products imports and an increase in crude oil exports in the quarter under review.

Accordingly, in the first quarter of 2026, total imports were valued at N13.619 trillion accounting for 39.15 percent of total trade. While total exports accounted for 60.85 percent of total trade valued at N21.269 trillion.

The top-ranked group imports were machinery and transport equipment with N5.01 trillion representing 36.79 percent of total imports, this was followed by mineral fuels, with N2,648 trllion and Chemicals & related products with N2.020 trllion.

Nigeria imported goods mainly from Asia, valued at N7.551 trillion representing 55.45 percent of total imports. This was followed by imports from America valued at N3.236 trillion and Europe with N2.096 trillion or 15.39 percent while imports from Oceania stood at N79.86billion.

Imports from African countries stood at N654.94billion or 4.81 percent of total imports; of which imports from ECOWAS countries amounted to N65.91billion or 10.06 percent of imports from the continent.

Further analysis of Nigeria’s trading partners shows that imports from China were valued at N5.096 trillion, representing 37.42 percent of total imports. This was followed by imports from the United States of America, valued at N2.805 trillion, representing 20.60 percent of total imports; India, with imports valued at N992.87 billion; Germany, with goods valued at N390.35 billion, and the United Arab Emirates, with goods valued at N222.47 billion.

Also, exports by section revealed that Nigeria exported mainly ‘mineral products’ valued at , or 85.77 percent of the total export value, this was followed by exports of ‘Products of the chemical and allied industries’ with N1.393 trillion or 6.58 prrcent of total exports and ‘Prepared foodstuffs; beverages, spirits and vinegar;’ worth N745.74billion or 3.52 percent of the value of total exports.

Exports by region show that Nigeria exported goods mainly to Europe, valued at N7.925 trillion. This was followed by exports to Asia, valued at N6.417 trillion, Exports to America were valued at N2.614 trillion, while exports to Oceania were valued at N148.93 billion,

Exports to Africa stood at N4.062 trillion, of which goods exported to ECOWAS countries were valued at N2.202 trillion.

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Analysis of exports according to trading partners revealed that during the quarter under review, the main export destination was India with a value of N2.771 trillion followed by exports to France with N1.966 trillion.

Exports to Netherlands stood at N1.951 trillion, Spain with N1.625 trillion and exports to The United States of America with goods valued at N1.177 trillion. “These five countries collectively accounted for 44.84% of the value of total exports in Q1 2026.”

By sector, the report showed that the total value of agricultural goods traded in Q1 2026 stood at N2 trillion, of which value of exports stood at N1.172 trillion.

“The value of agricultural goods exports decreased by 31.20% compared to the value recorded in Q1 2025 (N1,704.15billion) and also decreased by 11.39% over the value recorded in Q4 2025 (N1,323.06 billion). This was dominated by ‘Superior quality Cocoa beans,’ valued at N596.90billion, ‘Sesamum Seeds ‘with N153.78billion and ‘Soya beans (excluding seeds)’ with N129.27billion, ‘Cashew nuts in shell’ valued at N119.76billion, and ‘Flours and meals of soya beans’ with N53.20billion,” the report stated.

The data showed that agricultural products were mainly exported to Asia at N529.45billion, followed by exports to Europe, valued at N500.34billion.

Further analysis showed that ‘Superior quality Cocoa beans’ worth N228.36billion and N98.56billion were exported to The Netherlands and Belgium, respectively.

Similarly, ‘Sesamum Seeds,’ worth N76.55billion and N21.11billion were exported to China and Japan respectively.

While ‘Soya beans (excluding seeds)’ worth N113.86billion and N11.15 billion were exported to India and Canada,
respectively. On the other hand, total imports of agricultural goods in Q1 2026 stood at N827.72billion or 6.08% of total imports.

This represents a decrease of 20.09 percent when compared to the value recorded in Q1 2025 (N1.03 trillion)
and further decreased by 42.39 percent compared to the value recorded in Q4 2025 (N1.436 trillion).

The major agricultural goods imported in Q1 2026 included “Durum wheat” from Russia and Canada, valued at N135.37 billion and N66.56 billion, respectively.