Nigeria’s total merchandise trade fell to ₦34,788.59 trillion in the first quarter of 2026, according to the National Bureau of Statistics (NBS) Foreign Trade in Goods Report released Monday in Abuja.
This marks a decline from ₦37,242.90 trillion recorded in Q1 2025 and ₦36,214.34 trillion in Q4 2025.
Exports accounted for ₦21,169.27 trillion or 60.85% of total trade. Export earnings rose 2.77% compared to Q1 2025 (₦20,598.48 trillion) and 11.63% compared to Q4 2025 (₦18,963.41 trillion). Crude oil exports dominated at ₦11,202.35 trillion (52.92%), while non‑crude oil exports totalled ₦9,966.92 trillion (47.08%). Non‑oil products contributed ₦3,186.74 trillion (15.05%).
Top export destinations in Q1 2026 were India, France, the Netherlands, Spain, and the United States, with major commodities including crude oil, natural gas, urea, petroleum gases, and jet fuel.
Imports stood at ₦13,619.33 trillion (39.15% of total trade), down 18.17% from Q1 2025 (₦16,644.42 trillion) and 21.05% from Q4 2025 (₦17,250.93 trillion). China remained Nigeria’s leading import partner, followed by India, the U.S., the Netherlands, and the UAE. Key imports were machinery and transport equipment (₦5,011.21 trillion), mineral fuels (₦2,648.28 trillion), and chemicals (₦2,020.71 trillion).
Nigeria’s trade balance stayed positive at ₦7,549.94 trillion, a sharp increase of 340.88% compared to Q4 2024 (₦1,712.48 trillion). The NBS attributed this improvement to reduced petroleum product imports and higher crude oil exports.
