Nigeria records N7.5 trillion trade surplus in Q1 2026
Nigeria's merchandise trade reached N34.8 trillion in Q1 2026 as exports outpaced imports, creating a N7.5 trillion trade surplus. Exports totaled N21.2 trillion (up 2.8% from Q1 2025), while imports declined to N13.6 trillion (down 18.2%). Oil dominated exports at N11.2 trillion (over half), with crude oil leading at N11.2 trillion. China remained the largest import source at N5.1 trillion (37.4%), while India was top export destination at N2.8 trillion (13.1%). The trade surplus underscores Nigeria's continued reliance on oil exports and highlights vulnerability to global commodity price fluctuations. This data signals both opportunity and risk for investors and businesses operating in Nigeria's import-dependent economy.