Nigeria recorded merchandize trade surplus of N7.55 trillion in the first quarter (Q1) this year, representing 340.88 per cent increase over the N1.7 trillion surplus recorded in the fourth quarter of 2025.
The National Bureau of Statistics (NBS), in its ’Foreign Trade in Goods Statistics Q1 2026’ report published on Monday, indicated the Q1 2026 trade value was higher by 46 per cent when compared to the N5.17 trillion recorded in the comparative quarter of last year.
The statistics agency attributed the increase largely to a decrease in petroleum products imports and an increase in crude oil exports in the quarter under review.
Specifically, the Bureau reported that in Q1, total exports accounted for 60.85 per cent of total trade with a value of N21.17 trillion, reflecting a marginal increase of 2.77 per cent above the N20.6 trillion value recorded in the corresponding quarter of last year, and an increase of 11.63 per cent compared to the value recorded in Q4 of last year.
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According to the report’s data, crude oil remained Nigeria’s major exported commodity in the quarter under review, with a value of N11.2 trillion and representing 52.92 per cent of total exports.
Also, the value of non-crude oil exports stood at N9.97 trillion, accounting for 47.08 per cent of total exports just as non-oil products contributed a mere N3.19 trillion or 15.05 per cent of total exports.
A further analysis of the Foreign Trade In Goods Statistics figures showed in Q1 2026, Nigeria’s imports stood at N13.62 trillion or 39.15 per cent of total trade, representing 18.17 per cent decrease compared to N16.64 trillion recorded in the corresponding quarter of last year and 21.05 per cent lower than N17.25 trillion recorded in Q4 of last year.
A major highlight of the merchandize trade data in the quarter is a significant drop in the value of imported agricultural goods into the county, which dropped to N827.72 billion, representing a 20.09 per cent decrease compared to N1.036 trillion imported in Q1 2025 and 42.39 per cent decrease relative to N1.44 trillion imported in Q4 2025.
Similarly, Nigeria’s agricultural goods exports in the quarter under review also declined by 31.2 per cent from N1.7 trillion in Q1 2025 to N1.17 trillion and dropped by 11.39 per cent from N1.32 trillion value of exported agricultural goods in Q4 2025
A further analysis of the report revealed that the value of raw material exports in Q1 2026 stood at N1.53 trillion, representing a rise of 46.83 per cent from N1.04 trillion in Q1 2025 and a 28.62 per cent increase from N1.19 trillion in Q4.
In addition, solid minerals exports during the quarter totalled N102.80 billion, representing a 74.63 per cent increase from N58.87 billion in Q1, 2025 and a decrease of 12.02 per cent from N116.84 billion in the preceding quarter.
The Bureau reported that the value of manufactured goods exports also marginally increased to N302.64 billion, reflecting a 2.79 per cent increase from N294.43 billion in Q1, 2025, but 28.53 per cent decline when compared to N423.43 billion exported in Q4 2025.
