Nigeria’s Merchandise Trade Surges in First Quarter of 2026
Nigeria’s merchandise trade, which includes the import and export of physical goods, soared to N34.8 trillion in the first quarter of 2026, with exports notably surpassing imports. This data, released by the National Bureau of Statistics (NBS), reveals a robust economic activity in the country.
Total exports reached N21.2 trillion, marking a 2.8 percent increase from N20.6 trillion in the same period last year. When compared to the previous quarter, merchandise trade grew by an impressive 11.6 percent.
Conversely, total imports were estimated at N13.6 trillion, reflecting a significant decline of 18.2 percent from the N16.6 trillion recorded in the first quarter of 2025. During the review period, imports also dropped by 21.1 percent from N17.3 trillion in the fourth quarter of 2025.
According to the NBS, the trade surplus has now reached N7.5 trillion, largely due to robust oil sales. Crude oil, Nigeria’s primary export commodity, constituted over half of total exports at N11.2 trillion, while other petroleum products added N6.8 trillion, accounting for 32 percent of total exports. Meanwhile, non-oil exports, which consist of agricultural products and raw materials, totaled N3.2 trillion.
Industrial Products Drive Import Growth
Industrial products comprised the largest segment of imports, totaling N8.5 trillion or 62.3 percent of all goods entering the country during the corresponding period.
Crude oil imports represented N1.9 trillion (14 percent), while raw materials contributed N1.6 trillion (11.6 percent). Other imports included agricultural products at N827.72 billion, solid minerals at N69.8 billion, and additional petroleum products at N748.1 billion.
Notably, the highest value of imported items was dominated by petroleum at N1.9 trillion, followed by diesel oil at N364.4 billion, durum wheat at N340.1 billion, data transmission machinery at N299.6 billion, and used motor vehicles at N284.1 billion.
On the export front, crude oil again led the way at N11.2 trillion, trailed by natural gas at N2 trillion, urea at N1.4 trillion, other petroleum gases at N1.3 trillion, and kerosene-based jet fuel at N1.3 trillion.
Major Trading Partners Underscore Market Dynamics
China emerged as Nigeria’s largest source of imports, accounting for N5.1 trillion (37.4% of total imports). The United States followed, contributing N2.8 trillion, while India, Germany, and the UAE accounted for N992.9 billion, N390.4 billion, and N222.5 billion, respectively.
As for exports, India also topped the charts as the largest destination, receiving N2.8 trillion (13.1% of total exports). France and the Netherlands each accounted for N2 trillion, with Spain and the United States following at N1.6 trillion and N1.2 trillion, respectively.
Despite a sharp decline in imports and an increase in the trade surplus, these figures shed light on Nigeria’s susceptibility to global commodity price fluctuations, particularly due to its heavy reliance on oil. The NBS data emphasizes the urgent need to diversify both export markets and product offerings to build resilience and mitigate dependence on a limited range of products and trading partners.
