Abuja, June 9, 2026 – Nigeria recorded a total merchandise trade value of N34.79 trillion in the first quarter of 2026, according to the latest Foreign Trade in Goods Statistics report released by the National Bureau of Statistics (NBS).
The figure represents a decline from the N37.24 trillion recorded in the corresponding period of 2025 and the N36.21 trillion posted in the fourth quarter of 2025.
Data from the report showed that exports accounted for the larger share of trade activities, reaching N21.17 trillion and contributing 60.85 per cent of total trade during the review period.
Compared with the N20.60 trillion recorded in the first quarter of 2025, export earnings grew by 2.77 per cent. Exports also increased by 11.63 per cent from the N18.96 trillion recorded in the final quarter of 2025.
Crude oil remained Nigeria’s leading export commodity, generating N11.20 trillion and accounting for 52.92 per cent of total exports in the first quarter of the year.
Other exports contributed significantly, with non-crude oil exports valued at N9.97 trillion, representing 47.08 per cent of total exports. Non-oil products alone accounted for N3.19 trillion, or 15.05 per cent of export earnings.
India, France, the Netherlands, Spain and the United States emerged as Nigeria’s major export destinations during the quarter.
The country’s top export commodities included crude oil, natural gas, urea, petroleum gases in gaseous form and kerosene-type jet fuel.
On the import side, Nigeria recorded N13.62 trillion worth of goods, representing 39.15 per cent of total trade.
Imports fell by 18.17 per cent compared with the N16.64 trillion recorded in the first quarter of 2025. They also dropped by 21.05 per cent from the N17.25 trillion posted in the preceding quarter.
China maintained its position as Nigeria’s largest source of imports, followed by India, the United States, the Netherlands and the United Arab Emirates.
The most imported commodity groups during the quarter were machinery and transport equipment valued at N5.01 trillion, mineral fuels worth N2.65 trillion and chemicals and related products amounting to N2.02 trillion.
Nigeria’s merchandise trade balance remained positive at N7.55 trillion in the first quarter of 2026. The surplus reflected a significant improvement driven largely by reduced imports of petroleum products and increased earnings from crude oil exports.
The latest figures indicate that stronger export performance and lower import spending helped sustain the country’s trade surplus despite an overall decline in total trade volume.