Nigeria recorded a sharp improvement in its merchandise trade balance in the first quarter of 2026 as exports rose and imports declined significantly, pushing the country’s trade surplus to N7.55tn.
According to the National Bureau of Statistics’ Foreign Trade in Goods Statistics report released on Monday, total trade stood at N34.79tn in the review period, with exports accounting for N21.17tn and imports amounting to N13.62tn.
The report showed that the trade balance remained positive at N7.55tn, representing a 340.88 per cent increase compared to the preceding quarter.
“The merchandise trade balance for Q1 2026 remained positive at N7.55tn, indicating an increase of 340.88 per cent compared to the value recorded in the preceding quarter,” the NBS stated, attributing the development largely to lower petroleum product imports and higher crude oil exports.
The statistics office disclosed that total exports rose by 2.77 per cent year-on-year from N20.60tn recorded in the corresponding
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